Why the Antisense (ASX:ANP) share price finished 5% higher today

The Antisense Therapeutics Limited (ASX: ANP) share price finished the day higher today following a progress update. Here's what the company announced.

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The Antisense Therapeutics Limited (ASX: ANP) share price finished the day higher today following a progress update.

At market close, shares in the biotechnology company ended the day at 21 cents, up 5%.

What did Antisense announce?

In its announcement, Antisense advised that the manufacture of its ATL1102 active pharmaceutical ingredient (API) was undertaken by oligonucleotide therapeutic manufacturing company, Nitto Denko Avecia.

This completes the batch for its planned Phase 2b clinical trial of ATL1102 in non-ambulant Duchenne Muscular Dystrophy (DMD) patients.

Antisense stated that Nitto Denko Avecia fulfilled the batch last month, and shipped the material to Pyramid Laboratories in Southern California. The latter specialises in injectable drug product manufacturing. Since then, Pyramid Laboratories has formulated the ATL1102 API into an injectable product for use in the Phase 2b trial.

The finished product is undergoing product release testing for clinical use, and is expected to release the results next month.

Antisense CEO, Mark Diamond commented:

We are very pleased with how the manufacture of clinical supplies for our planned Phase IIb trial of ATL1102 has proceeded particularly given the challenges that have presented to all CMO's during the global covid pandemic.

We are indeed fortunate to be partnered with such high quality CMOs that have a deep experience with antisense drugs and both of which we have been working with for over 15 years and that can support manufacture all the way through to commercial sale of product.

About the Antisense share price

Founded in 2000, Antisense is focused on developing and commercialising antisense pharmaceuticals for patients suffering from rare diseases.

The Company is developing ATL1102, an antisense inhibitor of the CD49d receptor, for DMD patients. Recently Antisense reported promising phase II trial results, indicating a significantly reduced number of brain lesions in patients with relapsing-remitting multiple sclerosis.

Over the past 12 months, the Antisense shares have jumped more than 170%, with 55% gains on year-to-date performance.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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