The seaweed Alzheimer's company is still alive
Jan. 23 is a little early to be crowning a biotech comeback of the year, but Neurotrope’s rise from the near-dead yesterday makes it a contender.
The company’s shares tanked last September when a Phase 2 trial of its investigational Alzheimer’s drug Bryostatin-1 failed to hit its primary endpoint of reducing cognitive impairment relative to placebo in people with moderate to severe disease.
But on Wednesday the company announced that another analysis of the data suggests that conclusion was too hasty. The reasons have to do with how impaired the placebo and treatment groups were to begin with. While analysts debate whether that’s just statistical posturing, investors initially focused on the company’s winning a $2.7 million grant from the NIH for another Phase 2 study, in patients with moderate Alzheimer’s.
That boosted the stock price by more than 150% in midday trading. And while those gains were almost entirely erased by the news of an $18 million stock sale, this all amounts to a lifeline for a company that, as of Sept. 30, had only 18 months of cash in the bank.
The company’s shares tanked last September when a Phase 2 trial of its investigational Alzheimer’s drug Bryostatin-1 failed to hit its primary endpoint of reducing cognitive impairment relative to placebo in people with moderate to severe disease.
But on Wednesday the company announced that another analysis of the data suggests that conclusion was too hasty. The reasons have to do with how impaired the placebo and treatment groups were to begin with. While analysts debate whether that’s just statistical posturing, investors initially focused on the company’s winning a $2.7 million grant from the NIH for another Phase 2 study, in patients with moderate Alzheimer’s.
That boosted the stock price by more than 150% in midday trading. And while those gains were almost entirely erased by the news of an $18 million stock sale, this all amounts to a lifeline for a company that, as of Sept. 30, had only 18 months of cash in the bank.
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