Ax­o­vant shares blast­ed as Vivek Ra­maswamy's pre­mier drug proves worth­less, sec­ond drug miss­es key goal

Vivek Ra­maswamy’s first big bet on bring­ing a drug back from Big Phar­ma’s dis­card list is a com­plete bust. And an­oth­er set­back in the pipeline has con­spired to scut­tle its stock price this morn­ing.

The biotech fi­nancier’s Ax­o­vant, float­ed in an IPO that fund­ed an ex­pen­sive quest to put in­tepir­dine back in­to the clin­ic for neu­ro con­di­tions, re­port­ed out this morn­ing that both dos­es of the ther­a­py test­ed for de­men­tia with Lewy bod­ies failed to sig­nif­i­cant­ly im­prove symp­toms for pa­tients. The drug has al­so failed spec­tac­u­lar­ly for Alzheimer’s, leav­ing Ra­maswamy’s op­er­a­tion at Roivant with no choice but to kill the pro­gram.

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