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Japan-based Sumitomo Pharma Co., Ltd (TYO: 4506) and Otsuka Pharmaceutical Co., Ltd (FRA: OS1) have revealed a setback in late-stage clinical trials for the potential first-in-class trace amine-associated receptor 1 (TAAR1) agonist, ulotaront, as a treatment for schizophrenia. Topline data from the Phase III DIAMOND 1 and DIAMOND 2 studies…