Shares of Cassava Sciences more than doubled on Tuesday after the drugmaker reported progress in a study of its Alzheimer’s treatment candidate.
The Austin company reported results from a study of simufilam, which was associated with improved patient cognition and behavior scores after six months of treatment.
“We would have been satisfied to show simufilam stabilizes cognition in patients over six months, President and Chief Executive Remi Barbier said in a statement.
“An improvement in cognition and behavior tells us this drug candidate has potential to provide lasting treatment effects for people living with Alzheimer’s disease.”
Cassava shares at last check were trading at $49.67. They’d closed Monday trading at $22.99. Last May the stock touched a 52-week low at $1.63.
The company reported no serious drug-related adverse events during the six-month treatment regimen.
The clinical study was funded