The biotech company Cassava Sciences updates that its Alzheimer’s drug, sumifilam, recorded positive results in treating Alzheimer’s patients in a phase 2 study.
Cassava Sciences Inc. (SAVA) shares were on a roll in the last trading session on Monday after the company reported that it has obtained positive outcomes from its Phase 2 study of a new Alzheimer drug, sumifilam (PTI-125). The company will keep up the development work on sumifilam unless it obtains the optimum outcome that is required to treat Alzheimer patients.
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The stock price surged massively crossing $8.11 price since mid-March and from then on, the price started to drop as the COVID-19 pandemic had a massive adverse influence at that time.
After closing around $3.32 on Friday, SAVA shares soared whoppingly to $6.45 as of 9:30 A.M. EDT on September 11. The shares kept on rising reaching at days highest of $8.17 at 03:15 P.M. on September 14. The investors were happy from Cassava’s development and showed trust in the company hoping for promising end results.
However, there is a lot of work to do on sumifilam before it gets its final approval but that is not what concerns at the moment. The thing that attracts the investors is the spike in implied volatility in the stock.
The key here for Cassava Sciences is that it has not many competitors in the market working on Alzheimer’s treatments. The only notable firm working on Alzheimer’s treatments is Biogen, but if Cassava makes a breakthrough in final trials it would be the only company with AD therapy.
Earlier in May, the company could not obtain the desired results from the Phase 2 trials and failed to achieve the primary endpoint. At that time, Cassava reported high variability in biomarker data in the control group, which was against the pre-defined endpoints.
These positive outcomes have come from the Phase 2b clinical study which was funded by the National Institutes of Health (NIH). The company will present Phase 2 data of sumifilam at H.C. Wainwright’s 22nd Annual Global Investment Conference. The founder and CEO of Cassava Sciences said:
“We feel that this is a drug that finally can offer some real hope to patients who have Alzheimer’s, as well as people who have a family history of Alzheimer’s. Up until now, there really has been very very little hope for these patients.”
The Phase 2 data showed that treatment with sumifilam recorded statistically significant improvements in a range of AD-related biomarkers in comparison to the placebo, the primary endpoint. The response rate was 98%, defined as patients who showed biomarker improvements. Sumifilam was reported as a safe drug and was well-tolerated.
It is reported that almost 5 million Americans are suffering from Alzheimer’s disease and the treatment method so far is little known and currently has no impactful treatment. Suffering from Alzheimer’s disease can be scary and painful. If Cassava Sciences Inc. (SAVA) can bring sumifilam to market as an effective solution for Alzheimer’s patients it could bring in millions of dollars to SAVA’s sales.