Israeli clinical stage drug development company NeuroSense Therapeutics (Nasdaq: NRSN) has announced results for its Phase IIb trial for amyotrophic lateral sclerosis (ALS) drug candidate PrimeC.
Even though the trial achieved primary safety and tolerability and secondary clinical efficacy endpoints, the company's share price fell 24.16% on Wall Street to $1.13, giving a market cap of just $20.59, and is today down a further 17.79% in premarket trading. The company's share price had risen 200% since it announced several weeks ago that it would publish the results in early December. Now the share price is tumbling on unrealistically high market expectations on the results.
NeuroSense, which is focused on discovering and developing treatments for patients suffering from debilitating neurodegenerative diseases, has a transfer agreement with Biogen. Under the agreement, Biogen will look at how PrimeC affects levels of plasma neurofilamen, a protein shed by damaged neuron, in the ALS patients enrolled in NeuroSense’s Phase IIb clinical trial. Biogen is providing the funds for the study and conducting its analysis. There will be further results published next January, after which Biogen will decide whether to exercise its rights for the ALS treatment.
NeuroSense was founded by Alon Ben Nun, who said, "We expect a meeting with the FDA in order to examine the best way to move forward and also expect to have talks with our strategic partners who share our vision for the treatment."
Published by Globes, Israel business news - en.globes.co.il - on December 6, 2023.
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