Shares in the company are trading at 34 cents at the time of writing, up 11.48%.
Let's take a look at what may be weighing on investors' minds today.
What did the company announce?
The Neuroscientific Biopharmaceuticals share price is on the rise following promising results from a safety assessment of the company's lead drug candidate, EmtinB.
In research conducted in vitro, the EmtinB drug did not cause any adverse reactions or toxicity. The trial involved screening 173 potential biological targets known to stimulate drug-induced reactions in humans.
Neuroscientific is a biotechnology company working on peptide-based drugs to treat neurodegenerative diseases.
EmtinB binds to specific proteins known as receptors to activate signalling pathways between the cells. This can help to protect and regenerate the nervous system.
The in vitro trials were carried out by research company Eurofins at laboratories in France. This screen is recommended to reduce risk before progressing to human trials.
The completion of this safety assessment is seen by the company as a major step towards conducting phase I trials in humans.
Speaking on the results fuelling the Neuroscientific Biopharmaceuticals share price, chief executive officer and managing director Matt Liddelow said:
These positive safety results add further confidence to existing safety data for EmtinB in demonstrating it's low likelihood to cause any major safety issues in humans — and is another major step towards achieving the landmark milestone of starting first-in-human Phase I studies in the first half of 2022.
I look forward to updating the market with further progress in the New Year as we advance towards Phase I clinical studies.
Neuroscientific Biopharmaceuticals share price snap shot
The Neuroscientific Biopharmaceuticals share price has gained 36% since the start of the year. For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned more than 12% over the same period.
Despite this, the company's shares have lost 7% in the past month but are up around 8% this week.
The company has a market capitalisation of roughly $43.7 million based on its current share price.