Bristol Myers Squibb Co.’s treatment for schizophrenia failed in a study designed to expand its use, denting the company’s ambitions to turn it into a blockbuster.Cobenfy, already approved to treat schizophrenia,

(Reuters) -Bristol Myers Squibb said on Tuesday its drug Cobenfy failed to show a statistically significant difference in a late-stage trial studying it as an add-on treatment for schizophrenia, sending its shares down nearly 7% in after-market trade.

The new schizophrenia drug didn’t provide additional benefits when given on top of standard-of-care therapy, Bristol Myers Squibb announced Tuesday.