Athira Pharma shares drop practically 70% on launch of scientific trial information for Alzheimer’s illness
Athira Pharma’s inventory plummeted practically 70% Wednesday after a scientific trial testing its candidate drug for Alzheimer’s illness failed to fulfill its major endpoint.
The section 2 trial enrolled 77 folks with delicate to reasonable Alzheimer’s illness, who obtained both a placebo or one in every of two doses of Athira’s compound fosgonimeton. Sufferers had been allowed to proceed standard-of-care remedy such because the drug donepezil.
Sufferers had been evaluated at 26 weeks for a measure of working reminiscence processing velocity, event-related-potential (ERP) P300 latency, which didn’t present a statistically important enchancment in sufferers handled with the compound.
The corporate additionally evaluated sufferers for the secondary endpoints of cognition, international scientific change and practical change, which additionally didn’t enhance with fosgonimeton therapy.
The corporate’s inventory valued plummeted 69% earlier than the opening bell Wednesday.
Athira additionally carried out an evaluation on a subgroup of sufferers, the 40% who didn’t take customary of care remedy. On this evaluation, fosgonimeton resulted in a small enchancment within the measure of processing velocity and in cognition.
“Though a small pattern measurement, they counsel a probably helpful therapy impact as a monotherapy that within the ACT-AD examine was just like standard-of-care with a positive security profile,” mentioned Athira chief medical officer Hans Moebius of the subgroup information, in an announcement outlining findings from the examine.
The corporate has been below duress throughout the final 12 months, with the departure of former CEO Leen Kawas. She resigned final fall after an investigation into the integrity of knowledge in papers she co-authored as a graduate pupil that led to the founding of the corporate.
The corporate later launched its preclinical information in a gathering presentation. That information supported the conclusion of Kawas’ earlier research testing the compound in cells and rats.
The compound enhanced the exercise of molecules concerned within the development of neurons, Hepatocyte Progress Issue and its receptor MET, and had an impact on cognition in a rat mannequin.
Athira can also be testing fosgonimeton in a separate, ongoing section 3 examine.
