Jan 29 (Reuters) - Inhibikase Therapeutics IKT.O said on Wednesday it would stop development of its experimental Parkinson's disease drug after it failed to improve patients' ability to carry out daily tasks such as eating and walking in a mid-stage study.
Shares of the drug developer tumbled nearly 22% to $2.19 in extended trading.
However, the drug, risvodetinib, was found to be safe and well tolerated, meeting the main goal of the study, the company said.
The study enrolled 126 people with untreated Parkinson's disease, a progressive neurological disorder that impairs the brain's nerve cells and affects the production of dopamine, a neurotransmitter that regulates functions such as memory, movement and mood.
It is estimated that 1 million people in the U.S. live with the incurable condition.
The established standard of care for the disease, levodopa, acts as a replacement agent for dopamine.
Last month, AbbVie's ABBV.N experimental drug, tavapadon, helped significantly improve patients' ability to carry out daily tasks in a late-stage study.
Inhibikase said it will consider strategic options for risvodetinib and will focus on its lead drug candidate, which is being developed to treat a rare condition that causes high blood pressure in the lungs.
(Reporting by Mariam Sunny in Bengaluru)
((Mariam.ESunny@thomsonreuters.com))
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