Chelsea’s hypotension drug fails to prove efficacy past week one

(Reuters) – Chelsea Therapeutics Inc said its experimental hypotension drug met the main goal of a study by significantly reducing dizziness in patients at week one, but results beyond that period were not statistically significant. The U.S. Food and Drug Administration declined to approve the drug, Northera, in March, and asked for data that proved it was effective over two to three months. The company’s shares, which have lost about two-thirds of its value so far this year, fell 22 percent to $1.40 in extended trading after closing at $1.79 on Tuesday on the Nasdaq. …