Jim Cramer Blog

Corcept Therapeutics Inc (NASDAQ:CORT - News) disclosed negative results for the second of three planned phase III studies of Corlux, its proposed treatment for the psychotic features of psychotic major depression. The company said the study, whose primary endpoint was the proportion of patients with at least 50% improvement in the brief psychiatric rating scale positive symptom subscale at both day 7 and day 28, showed no meaningful separation in response between patients receiving Corlux and those receiving the placebo. Corcept said it now has one phase III study in progress that it continues to enroll patients in. It expects the results of the trial early next year. Corcept said its available cash and marketable securities stood at $17.5 million as of June 30, and it expects these funds will enable it to complete and announce the results of the remaining study.
Source: Marketwatch