NeuroScientific Biopharmaceuticals (ASX:NSB) share price wobbles on study results

The company's shares reached an intraday high of 36 cents before retreating.

| More on:
falling healthcare asx share price Mesoblast capital raising

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

NeuroScientific Biopharmaceuticals Ltd (ASX: NSB) shares jumped more than 7% in early trade after the company released the readouts for the successful completion of its pivotal ocular safety study. Since then, however, the NeuroScientific share price has reversed and is currently trading 1.49% in the red at 33 cents.

Let's take a look at what unfolded this morning for the Australian biotech company.

What was the study?

The NeuroScientific share price received a temporary boost this morning after the company provided the ASX with a pre-market update. NeuroScientific's 4-week safety and tolerance study investigated low to high dose regimes of its lead drug candidate emtinB™, administered via intravitreal injection. EmtinB is being developed as a potential treatment for Alzheimer's disease and dementia.

Prospective drug candidates in Australia must first pass rigorous safety and tolerance testing prior to advancing towards efficacy and dosing trials.

NeuroScientific advised that emtinB produced no serious adverse outcomes related to treatment in the study cohort across a duration of 28 days.

So, according to the company, today's outcome enables NeuroScientific to advance towards starting Phase 1 clinical study protocols for emtinB, which are set for the second half of this year. There are 3 clinical study phases to complete before successful registration onto the market.

Management commentary

NeuroScientific CEO and managing director Matt Liddelow commented on today's update:

NeuroScientific is pleased to report these positive safety results for EmtinB, which is a major advancement for our ocular R&D program in the lead up to starting a Phase I clinical study.

NeuroScientific share price snapshot

The NeuroScientific share price has gained 32% since the start of this year. It has a 12-month return of more than 53% at the time of writing.

At the current share price of 33 cents, the company has a market capitalisation of around $48 million and has a 52-week range of 18.5 cents to 38 cents. NeuroScientific shares reached their 52-week high just last month on 24 June.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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.

More on Healthcare Shares

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

CSL share price leaping higher amid $1.9 billion funding news

ASX 200 investors are bidding up the CSL share price on Wednesday.

Read more »

Two happy scientists analysing test results.
Healthcare Shares

Mesoblast share price rockets 36% on breaking FDA news

ASX investors are sending the Mesoblast share price soaring following promising FDA news.

Read more »

a doctor in white coat and stethoscope stands in front of a building holding an electronic device in his hands.
Healthcare Shares

Guess which ASX 200 healthcare share is jumping 7% on a guidance update

This healthcare share is performing better than expected in FY 2024.

Read more »

a biomedical researcher sits at his desk with his hand on his chin, thinking and giving a small smile with a microscope next to him and an array of test tubes and beackers behind him on shelves in a well-lit bright office.
Earnings Results

Chemist Warehouse merger target Sigma reports 149% FY24 profit jump

This could be the last set of results from Sigma as we know it if its merger is approved.

Read more »

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

1 ASX healthcare stock that looks severely undervalued

I think this stock looks too cheap to miss.

Read more »

Stethoscope with a piggy bank and hundred dollar notes.
Healthcare Shares

Own Medibank shares? Here's why it's a rewarding day for you

Shareholders are getting a healthy boost today.

Read more »

Health professional looking at a laptop.
Healthcare Shares

Are CSL shares a must-buy in March?

Let's see what analysts are saying about this high-quality company.

Read more »

A woman jumps for joy with a rocket drawn on the wall behind her.
Healthcare Shares

This ASX healthcare stock is up 72% on FDA news and 'historic moment'

Huge gains are been recorded by this stock on Tuesday. But why?

Read more »