Alzamend Neuro (NASDAQ:ALZN) stock is on the move Thursday after getting an update from the U.S. Food and Drug Administration (FDA).
The FDA sent a letter to Alzamend Neuro detailing the path it needs to take for a Type B Pre‑Investigational New Drug (IND) of AL002. The company says this should allow it to submit the IND in November 2021 and begin its clinical trial in the first quarter of 2021.
What exactly is AL002 and why does this matter. It’s a treatment in development seeking to combat Alzheimer’s Disease. The treatment does so through “a mutant-peptide sensitized cell as a cell-based therapeutic vaccine that reduces beta-amyloid plaque.”
Stephan Jackman, CEO of Alzamend Neuro, said this in the press release boosting ALZN stock higher.
‘Preclinical work supports AL002 being associated with a positive anti-inflammatory response and a decrease in brain amyloid contents. Based on AL002’s positive toxicology results, the biologic nature of this product and the urgent need to deliver treatments for Alzheimer’s to patients, Alzamend proposed, and the FDA agreed, to conduct a combined Phase 1/2 study.”
ALZN is seeing heavy trading on today’s news. As of this writing, some 39 million shares of the stock have changed hands. That’s a massive increase over its daily average trading volume of 1 million shares.
ALZN stock was up 34.7% as of Thursday afternoon.
There’s more stock market news to dive into below!
We’ve got all the latest coverage that traders need to know about today. That includes what’s happening with shares of Lordstown Motors (NASDAQ:RIDE), Grom Social Enterprises (NASDAQ:GROM), and Dole (NYSE:DOLE). You can get all those details at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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