Here’s why the Actinogen (ASX:ACW) share price is rocketing 13% today

Yet again, news of Actinogen’s XanaMIA trial has sent its shares through the roof.

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The Actinogen Medical Ltd (ASX: ACW) share price is soaring today after the company announced news of its XanaMIA trial.

According to the release, the first patient has been enrolled in Part A of XanaMIA’s 2-part trial. The trial targets patients with mild cognitive impairment due to Alzheimer’s Disease.

At the time of writing, Actinogen shares are swapping hands for 15 cents – that’s 13.04% higher than their previous closing price.

Let’s take a closer look at today’s news from the biotechnology company.

The latest from Actinogen

Today, Actinogen announced the first of 105 Australian volunteers has signed up to be involved in part A of XanaMIA’s trial.

The news has sent the Actinogen share price rocketing upwards.

The first stage of the trial is a dosing study that will determine if it’s safest and more effective to treat patients with either 5mg or 10mg doses of XanaMIA.

Additionally, participants will be tested for improvements to their memory and cognitive abilities.

Part A of the XanaMIA trial will take place over 6 weeks. The first stage will include participants aged between 50 and 80 years old. It will take place at 4 Australian outpatient sites.

If the dosing study is successful, the resulting dosage of XanaMIA will be used in Part B of the drug’s trial.

Part B will assess the efficacy of XanaMIA in patients with bio-market positive Alzheimer’s Disease. It will be testing the effects of XanaMIA on biomarkers indicative of Alzheimer’s Disease.

In addition, Part B will assess if XanMIA can aid the cognitive function of those with underlying Alzheimer’s Disease.

The trial received the approval of an ethics committee on 2 June, sending the Actinogen share price soaring 18% higher.

Actinogen share price snapshot

This year has been a good one so far for Actinogen shares, having gained more than 500% year to date.

The biotechnology company has a market capitalisation of around $190 million, with approximately 1.6 billion shares outstanding.  

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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.

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