BioX­cel stock craters af­ter dis­clo­sure of in­ves­ti­ga­tor's fal­si­fied safe­ty re­port in Alzheimer's study

BioX­cel tout­ed da­ta Thurs­day morn­ing claim­ing that Igal­mi, its drug for ag­i­ta­tion episodes, suc­ceed­ed in a piv­otal tri­al with Alzheimer’s pa­tients, re­duc­ing a com­pos­ite of symp­toms such as poor im­pulse con­trol and hos­til­i­ty.

But the biotech made on­ly a brief and opaque men­tion in its press re­lease that a prin­ci­pal in­ves­ti­ga­tor on the study was cit­ed by the FDA for a num­ber of bad prac­tices, in­clud­ing fab­ri­cat­ing an email around re­port­ing a par­tic­i­pant’s se­ri­ous med­ical event. The New Haven, CT-based com­pa­ny buried the full de­tails at the bot­tom of an SEC fil­ing.

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