BUZZ-Minerva Neurosciences slumps as FDA declines to approve schizophrenia drug

Reuters02-27

** Shares of Minerva Neurosciences slumps about 64.7% to $2.40 in premarket trading

** Co says U.S. FDA declined to approve its drug to regulate behavioral changes in patients with schizophrenia that can cause social withdrawal and lack of motivation

** NERV said the FDA has cited that data from the mid-to-late stage study of the drug, known as roluperidone, was not sufficient to establish substantial evidence of its effectiveness

** The health regulator's decision marks another hurdle for Minerva, after the agency denied to review of its initial marketing application for the drug in 2022

** Up to last close, stock rose 10.6% YTD

(Reporting by Pratik Jain in Bengaluru)

((Pratik.Jain@thomsonreuters.com;))

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