Shares of Cassava Sciences traded 70% higher after the firm provided updates from its Phase 2b study of PTI-125 for use in treating Alzheimer' disease.
Clinical-stage biotechnology company Cassava Sciences Inc. (SAVA:NASDAQ), which focuses on neurodegenerative diseases including Alzheimer's disease, today announced that "its management is scheduled to present at the Jefferies Virtual Healthcare Conference today, June 3, 2020, at 3:00 p.m. EST."
The firm provided an update that included discussion pertaining to "recently announced top-line results of a Phase 2b randomized, placebo-controlled study of PTI-125 in patients with Alzheimer's disease." The company stated that it feels that "high variability in levels of biomarkers over 28 days in placebo-treated patients, and other possible factors, may drive a reassessment of overall results for its Phase 2b study."
The company's President & CEO Remi Barbier commented, "We think it's worth reflecting on what can be learned from our Phase 2b study by closely examining the clinical data, methods used to generate the data and drug effects on cognition...These on-going analyses may teach us how to move forward with our drug development plans for PTI-125 in Alzheimer's disease."
Cassava Sciences listed some of the key elements to its strategy to better understand the overall outcome of the Phase 2b study of PTI-125. The firm plans to re-analyze cerebrospinal samples from all study participants, analyze lymphocyte & plasma samples from all study participants and evaluate the effects of PTI-125 on cognition. The company indicated that it expects to announce the results of these analyses in H2/20.
The firm explained that PTI-125 is its lead therapeutic product candidate for the treatment of Alzheimer's disease. According to the company, "PTI-125 is a proprietary, small molecule (oral) drug that restores the normal shape and function of altered filamin A, a scaffolding protein, in the brain."
The company noted that "Alzheimer's disease is a progressive brain disorder that destroys memory and thinking skills and that presently, there are no drug therapies to halt Alzheimer's disease or to reverse its course." The firm reported that there are approximately 5.8 million people in the U.S. who are currently living with Alzheimer's disease.
Cassava Sciences Inc. is a clinical-stage biopharmaceutical company based in Austin, Tex. The company focuses its efforts on detecting and treating neurodegenerative diseases, such as Alzheimer's disease. The firm stated that "it has combined state-of-the-art technology with new insights in neurobiology to develop novel solutions for Alzheimer's disease, and owns worldwide development and commercial rights to its research programs in Alzheimer's disease, and related technology, without royalty obligations to any third-party." The firm mentioned that is also working on developing an investigational diagnostic called SavaDx in order to detect Alzheimer's disease with a simple blood test.
Cassava Sciences started off the day with a market capitalization of around $50.6 million with approximately 24.78 million shares outstanding and a short interest of about 10.00%. SAVA shares opened nearly 17% higher today at $2.38 (+$0.34, +16.67%) over yesterday's $2.04 closing price. The stock has traded today between $2.26 and $3.90 per share and is currently trading at $3.48 (+$1.44, +70.59%).
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