Actinogen (ASX:ACW) share price surges 9% on Oxford Uni partnership

It was a good day for the biotech company’s shares. Here are the details

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The Actinogen Medical Ltd (ASX: ACW) share price soared today after the company announced a partnership with Oxford University.

Shares in the biotechnology company finished the day at 13 cents, up 8.7% on the previous close.

Actinogen is developing a lead compound called Xanamem, a new therapy for Alzheimer’s disease.

What did Actinogen announce today?

The Actinogen share price leapt into the green after the company revealed is is linking up with Professor Jeremy Tomlinson and the Oxford University Centre for Diabetes, Endocrinology and Metabolism.

Actinogen will supply Xanamem to researchers, enabling them to investigate its therapeutic potential for people with Mild Autonomous Cortisol Secretion (MACS). MACS is a condition linked to the over-production of the stress hormone cortisol.

Xanamem stops production of cortisol by blocking a specific enzyme in the brain. High levels of cortisol have been linked to Alzheimer’s disease, depression and other diseases.

Researchers at Oxford will conduct a 12-week clinical trial involving 40 people with MACS and funded by a UK Medical Research Council grant. The trial will evaluate the effects of Xanamem on metabolism, bone density, and cognitive function. The final results are expected in 2024.

Actinogen will supply Xanamem to Oxford free of charge and will also provide trial design support.

Commentary from management

Speaking about the news driving the Actinogen share price today, CEO and managing director Dr Steve Gourlay said:

The MACS collaboration represents an important opportunity to investigate the potential benefits of Xanamem on the cortisol system outside of the brain.

We are pleased to be working with Oxford University, an academic centre of excellence in this area.

Chief investigator of the MACS study, Professor Tomlinson, added:

This is a hugely important clinical problem and currently there are no licenced treatments. This study may not only provide a detailed understanding of the processes that drive the condition, but also offer potential for an entirely novel treatment.

Actinogen share price snapshot

The Actinogen share price is soaring this year to date, up 495%. It is also up 468% over the past 12 months.

For perspective, the benchmark All Ordinaries Index (ASX: XAO) is up 10% over the last year.

Actinogen has a market capitalisation of roughly $220 million.

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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