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Shares of Acumen Pharmaceuticals (NASDAQ:ABOS) rallied more than 60% in early trading Monday in the wake of the release of positive data from a Phase 1 clinical trial for its Alzheimer’s disease drug candidate ACU193.
Acumen shares opened at a $6.11, recently selling at $10.17 at around 9:50 a.m. ET.
On Sunday, Acumen said a Phase 1 study showed ACU193 was well-tolerated by early-stage Alzheimer’s patients, exhibiting a “compelling” safety profile with no serious drug-related adverse events.
The company added that rapid, dose-related, statistically significant reductions in amyloid plaque were observed when patients were given higher doses of the drug. Acumen plans to meet with the FDA in Q4 to discuss the next phase of development for the product, it added.
ACU193’s target is similar to that of Esai (OTCPK:ESAIY) and Biogen’s (BIIB) recently approved drug Leqembi, according to a Reuters report.
The drug data was presented at the Alzheimer’s Association International Conference, currently underway in Amsterdam.
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