QTc issues are what prevented Fanapt from becoming the big-selling drug that NVS originally thought it would be. In every other way, Fanapt is as good a drug as, say, Abilify.
I agree that the QTc issue is concerning, unless they want to target a niche population (e.g. acute use in patients who cannot tolerate oxycodone).
Why would 797 need to be limited to acute use in patients who cannot tolerate oxycodone? Efficacy was comparable to oxycodone and the oxycodone arm had a much larger percentage of patients withdraw due to AEs (34% compared to just 6% for 797 arm). Also, if we were to assume QTc intervals stayed within the interval cited in the PR (not sure if that's plausible), couldn't 797 still be an option for chronic use? Note that for chronic use, due to entirely different MoA, 797 presumably wouldn't have the addictive issues that oxycodone has.