UPDATE 1-Targacept discontinues bladder drug, shares plunge

July 28, 2014 11:04 PM

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July 28 (Reuters) - Targacept Inc said it was stopping development of a drug to treat overactive bladder after it failed to show significant reduction in incontinence in a mid-stage study.

The company's shares fell 32 percent in extended trading after it cancelled its third drug development program in eight months and said it may change the direction of its research.

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