Intra-Cellular Therapies Shares Plunge 68% After Study Results

Shares of Intra-Cellular Therapies Inc. fell 68% late Wednesday after the company said results from a second clinical trial of a drug it was developing for schizophrenia stumbled into a high placebo response, unlike a control drug. Shares had been halted earlier. In the trial, Intra-Cellular's drug "was statistically significantly better" than the control drug on key safety and tolerability, the company said in a statement. The company said it planned to request a meeting with the FDA to discuss the regulatory path for its drug, and that it was not uncommon in the field of psychiatry for studies to be challenged by high placebo responses, it said. Shares of Intra-Cellular ended the regular trading session up 2%.