CervoMed said on Tuesday its experimental drug for a common degenerative brain disease did not meet the main or secondary goals in a mid-stage clinical trial, sending the U.S. drug developer shares down 77% in early trading.

CervoMed Inc. (NASDAQ:CRVO) stock is trading lower after the company revealed topline data from the RewinD-LB Phase 2b clinical trial evaluating neflamapimod for dementia with Lewy bodies (DLB). The trial did not meet statistical significance thresholds for its primary endpoint of change in the Clinical Dementia Rating Sum of Boxes (a measure of dementia severity) or any of its key secondary endpoints – change from baseline in Timed Up and Go (measures a person’s mobility,

CervoMed’s ex-Vertex drug has failed to reduce the severity of patients’ dementia in a phase 2 trial, halting plans for a late-stage study.

AbbVie ABBV announced positive top-line results from the pivotal phase III TEMPO-2 study, which evaluated its recently acquired investigational drug tavapadon in adults with early Parkinson’s disease (PD).

The company plans to submit a new drug application for tavapadon to the US Food and Drug Administration next year.

AbbVie's experimental drug to treat early Parkinson's disease met the main goal in a late-stage study, the drugmaker said on Monday. The study tested the safety and efficacy of flexible doses of the drug,