Alterity Therapeutics Ltd. (NASDAQ: ATHE) stock more than doubled on Tuesday after the company announced new data for its lead drug candidate ATH434. The new data comes from an experiment testing ATH434 in an animal model of multiple system atrophy (MSA).
In addition, ATH434 has been selected for presentation at the 2020 International Congress of Parkinson’s Disease and Movement Disorders and the American Neurological Association’s 2020 Annual Meeting.
Note that ATH434 is a brain penetrant, small molecule inhibitor of alpha-synuclein aggregation being developed for the treatment of MSA, a Parkinsonian disorder.
In July, the company said that it had established a development pathway for ATH434 in MAS, following discussions with the U.S. Food and Drug Administration (FDA). As a result, the firm intends to pursue a global development strategy.
In terms of the data, Alterity will present cardiac safety data from its Phase 1 Study of ATH434, which would mark the first time such information will be shared with an international group of clinicians and researchers in the field of neurological disorders.
Accordingly, the new safety data, which focuses on evaluating electrical activity in the heart, reinforces previous safety findings from the Phase 1 clinical study. Also, ATH434 generally was well tolerated at all doses and had an adverse event profile comparable to placebo in adult and older adult volunteers. The data to be presented indicates so far that there is no evidence of cardiac liability at clinically tested doses.
Alterity Therapeutics stock traded up about 143% on Tuesday, at $3.29 in a 52-week range of $0.28 to $3.98.