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.
Image source: Getty Images
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.
