Lilly depression drug fails in late-stage testing

INDIANAPOLIS (AP) — Eli Lilly said Thursday its depression drug edivoxetine failed in late-stage clinical testing, and it doesn’t plan to file for marketing approval of the drug.

The company said that in three clinical trials, edivoxetine did not work better than a placebo for patients who were already being treated with a selective serotonin reuptake inhibitor.

As a result of its decision against seeking marketing approval for the drug, Eli Lilly said it will take a one-time charge of $15 million, or a penny per share, in the fourth quarter.

Shares of Eli Lilly and Co. rose 17 cents to $50.04 in morning trading. Its shares have risen about 1 percent so far this year.

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