Pain Therapeutics (NASDAQ:PTIE) stock was soaring Wednesday on news of a grant to study Alzheimer’s disease.
Pain Therapeutics notes that the grant is for a total of $3.20 million. It also says that the provider of this grant is the National Institutes of Health. The company is planning to use the grant to fund a Phase II clinical trial of PTI-125.
PTI-125 is a new drug that Pain Therapeutics is developing to treat Alzheimer’s disease. The drug is a molecule that has the potential to treat Alzheimer’s disease. The grant was awarded to the company following a “in-depth, peer-reviewed evaluation of PTI-125 for scientific and technical merit.”
Pain Therapeutics also notes that it is waiting to hear back from the National Institutes of Health for a second grant. This second grant would also be used by the company to support its research of PTI-125 and its ability to treat Alzheimer’s disease.
“We are once again grateful to the NIH for its support of our clinical program around PTI-125,” Remi Barbier, President & CEO of Pain Therapeutics, said in a statement. “There is a profound need to develop new drugs for patients with Alzheimer’s. NIH has long been a champion of innovative new science that stands up to rigorous, peer-reviewed evaluation and that has potential to benefit human health in areas of unmet needs, such as Alzheimer’s.”
Pain Therapeutics says that it will use the grant to start its Phase II study of PTI-125 in the fourth quarter of 2018.
PTIE stock was up 81% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
