Targeted failure of the week. Post No 97 and 98. RX-3117 and armodafinil

Today we have two drugs connected to Teva:

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) today announced top-line results of its final Phase III clinical study for armodafinil (NUVIGIL®) as adjunct therapy in adults with major depression associated with bipolar I disorder. The study reached statistical significance in several important secondary endpoints, such as responder rate and remission. However, it did not reach its primary endpoint --to determine whether armodafinil treatment (150mg per day) is more effective than placebo as adjunct therapy to mood stabilizers and/or atypical antipsychotics.

 This study was the third of three, Phase III studies, all of which demonstrated improvements in patient response. However, based on an evaluation of the totality of results, Teva will not proceed with regulatory filings for armodafinil for the treatment of major depression associated with bipolar I disorder. There is no material impact to the Company.

Rexahn Pharmaceuticals ( RNN ) recently announced that Teva Pharmaceutical Industries ( TEVA ) has decided that it will not exercise its option to license Rexahn's oncology candidate, RX-3117.

Teva and Rexahn had a Research and Exclusive License Option Agreement for RX-3117, a novel DNA and RNA synthesis inhibitor being evaluated for the treatment of solid cancer tumors.

Teva had filed an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for RX-3117 in Jul 2013. As per the terms of the agreement, Teva had to decide within 45 days of the filing of the IND whether it would exclusively license RX-3117.