Shares of Alterity Therapeutics skyrocketed by five times the initial value after the company released encouraging new data about the impact of its Parkinson's disease treatment in monkeys.
The stock reached an impressive $8.50 during premarket trading, surging from Friday's closing price of $1.66. Prior to this positive development, shares had experienced a 52% decline year-to-date.
In an announcement on Monday, the Australian healthcare firm reported that its ATH434 treatment demonstrated significant improvements in motor performance and overall function in monkeys with experimentally induced Parkinson's disease.
According to Alterity, these positive effects on Parkinson's symptoms were closely linked to reduced iron levels. Furthermore, the ATH434 treatment increased the presence of synaptophysin, a protein associated with neural function.
David Stamler, the Chief Executive of Alterity Therapeutics, highlighted that this data provided the first-ever proof that ATH434 can effectively alleviate symptoms of Parkinson's disease in higher-order animals.
He emphasized, "What is especially noteworthy is that the enhancements in motor skills and general functioning, which mirror the symptoms in human parkinsonism, were directly correlated with reductions in iron levels within the affected brain regions. This validates the approach we are currently employing in our ongoing clinical trials."
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