Drug developer Neurochem (NASDAQ:NRMX) has finally announced results of a phase 3 study of Alzheimer's disease treatment Alzhemed, and investors are not being rewarded for patience. They're looking at a bare drug pipeline and a couple of big setbacks.

After numerous delays since it first planned to announce the study results in April, giving management time to do $80 million in financing, Neurochem announced Sunday that Alzhemed did not successfully meet any of its disease-modifying or other primary endpoints in the 18-month study that enrolled 1,052 patients.

Neurochem also did not release any numerical data on the compound, with the dubious excuse that the model used to collect the data was unreliable. This should make investors look at Neurochem in a very skeptical light, as it's easy for drugmakers to withhold the magnitude of how bad their data may be by simply not releasing the numerical results.

Running clinical trials to test drugs against Alzheimer's disease and other neurodegenerative disorders is notoriously difficult, as drugmakers including Myriad Genetics (NASDAQ:MYGN) or Wyeth (NYSE:WYE) can attest. This means that the bar for a successful study isn't as high at the FDA and other worldwide regulatory agencies.  

Undoubtedly this failed study will hurt Neurochem's chances at signing a good (or any) partnership deal for Alzhemed, as the company was discussing earlier in the year. However, an ongoing European phase 3 study holds out one more chance for the drug. It could be another two years before data is released on this study, but Neurochem mentioned today that it may modify that study in light of the Alzhemed results. 

With likely two failed compounds -- since the FDA rejected Neurochem's amyloidosis compound Kiacta a second time in July -- it's hard to see much value in shares of the company, considering its bare drug pipeline. Even at a market cap of $200 million and change, shares have plenty of room to fall.

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Fool contributor Brian Lawler does not own shares of any company mentioned in this article. The Fool has a disclosure policy.