Alterity Therapeutics Ltd [NASDAQ:ATHE] was one of the top gainers in yesterday’s trading session and was up by over 154%. Volumes were high too, an indicator that there is strong demand for this stock at the moment.
The stock gained momentum following the company’s announcement that it would be presenting data on ATH434 at the 2020 International Conference of Parkinson’s Disease and Movement Disorders. The company also announced that it would also be presenting at the American Neurological Association’s 2020 annual meeting. The company added that animal data on the treatment was a confirmation of its earlier findings that the treatment was effective in improving motor performance.
The positive data with regards to ATH434 is a big deal because earlier in June, the company had made an agreement with the U.S FDA on non-clinical investigations that needed to be done to support the second phase clinical trial for ATH434. Part of the agreement was a nod for the company’s design for its phase 2 study. ATH434 is their treatment for a Parkinson disorder called Multiple System Atrophy (MSA).
Positive data on its treatment comes just a week after the company reported positive Q4 financial results for the 2020 financial year. The company noted that it was compliant with the FDA minimum price and that it ended the quarter with a cash balance of $9.2 million. The NASDAQ minimum price update followed an earlier notice from the NASDAQ that the price needed to stay above a dollar. The strong cash position was boosted by a share issue that generated $1.5 million in early July.
Investors will now be looking at the next step take with regards to ATH434. Once it gets developed, it could give a new lifeline to this company’s bottom-line driven by high demand in the treatment of Multiple System Atrophy (MSA). MSA is a rare neurological condition that affects people with Parkinson’s disease. The disorder leads to the inability to control voluntary and involuntary body functions. It is prevalent in people over 50-years. As more people enter this age bracket especially in the developed world, the prevalence of Parkinson’s disease and MSA will also grow, and by extension, the demand for a viable treatment.
About Alterity Therapeutics Ltd
Alterity Therapeutics Ltd is a biopharma company that develops drug therapies for Parkinson’s disease, Alzheimer’s disease, and Huntington disease among other neurological conditions. Its leading treatment candidate is PBT434. The company has its headquarters in Melbourne, Australia.