Lawsuit dismissed against La Jolla-based firm

A federal court dismissed a lawsuit alleging that a company acquired by a La Jolla-based firm made misleading statements related to the clinical trials of a drug to treat Alzheimer’s disease, it was announced Monday.

The U.S. District Court of the Southern District of New York dismissed proceedings filed in February 2005 over clinical trials related to the drug phenserine by former stockholders of Axonyx Inc. and several of its former directors and officers.

TorreyPines Therapeutics Inc. of La Jolla acquired Axonyx in 2006.