The S&P/ASX 200 Index (ASX: XJO) is down 1.69% today, but one ASX biotech share is bucking the trend.
The Actinogen Medical Ltd (ASX: ACW) share price soared 56% in early trade before pulling back. The company's share price is up 30% at the time of writing and is currently trading at 12.5 cents.
Let's take a look at why this biotechnology company is having a good day.
Actinogen shares are exploding today on the back of news on an Alzheimers Disease (AD) clinical trial.
The company advised of positive phase 2a clinical data from an AD biomarker study.
Xanamem had a therapeutic impact on patients with a biomarker-positive blood profile.
Xanamem is the company's drug candidate to treat Alzheimer's disease.
Patients who had elevated blood pTau showed a "clinically significant Xanamem effect on the CDR-SB endpoint".
CDR-CB is a well known primary endpoint for trials in patients with early-stage AD, Actinogen said.
Actinogen highlighted that this means using this endpoint in future trials will be "straightforward and uncontroversial".
Commenting on the news, CEO and managing director Dr Steven Gourlay said:
Xanamem has the potential to be a novel daily oral therapy for Alzheimer's Disease and other conditions that could be safely used alone or in combination with other therapies.
The results affirm our confidence in the upcoming clinical trials that will confirm if Xanamem can make a significant improvement in the lives of patients and their families living with serious neurological and psychiatric conditions.
Actinogen share price snapshot
The Actinogen Medical share price has climbed 14% in the past year, while it has fallen 22% year to date.
For perspective, the ASX 200 has fallen nearly 9% in the past year and 10.5% in 2022.
This ASX biotech share has a market capitalisation of more than $224 million based on the current share price.