Annovis Bio (NYSE:ANVS) stock is getting a boost on Thursday following news that the company will proceed with its Alzheimer’s Disease clinical trial.
The Food and Drug Administration (FDA) has signed off on the company’s plans for a Phase 3 clinical trial of its Alzheimer’s treatment. This follows its successful submission of Phase 2a clinical safety data and chronic toxicology data of treating animals with buntanetap.
Buntanetap is an oral translational inhibitor of neurotoxic aggregating proteins (TINAPs) in development at Annovis Bio. It works by lowering the level of neurotoxic proteins in the brain, which also results in less toxicity.
ANVS Notes Positive Data Is Behind its Clinical Trial Plans
Maria Maccecchini, Ph.D., founder, president, and CEO of Annovis Bio, said the following about the news in a press release.
“In a Phase 2a clinical trial in AD and PD, treatment with buntanetap resulted in statistically significant improvement in motor function in PD patients and cognition in AD patients. With this promising data, we have progressed buntanetap into a Phase 3 trial for the treatment of early PD, and now with FDA authorization, into a Phase 2/3 trial for the treatment of moderate AD.”
ANVS stock is seeing strong trading this morning with some 270,000 shares on the move. To put that in perspective, the company’s daily average trading volume is closer to 111,000 shares.
ANVS stock is up 3.9% as of Thursday morning. However, shares are down 30.2% year-over-year.
There’s more stock market news for traders to sink their teeth into below!
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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.
