Progress on treatment for deadly allergies boosts Aquestive Therapeutics stock
FDA's move to push anaphylaxis treatment forward raises hopes, stock
Progress in regulatory review of a drug for life-threatening allergic anaphylaxis drove the stock of Aquestive Therapeutics higher on Thursday.
The stock rose as much as 9 percent before paring gains to settle at $4.13, a gain of 2.7 percent, after the Food and Drug Administration confirmed the drugmaker's proposal for assessing clinical development of AQST-108, a potential treatment for deadly reactions to allergens from bee stings to latex and food items like peanuts.
“Anaphylaxis is a serious condition that impacts a large patient population for which there is a significant unmet need,” Aquestive CEO Keith J. Kendall said in a statement. "The only options currently available to patients require an injection, and AQST-108 can potentially bring meaningful innovation and positive change for patients.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AQST | AQUESTIVE THERAPEUTICS INC. | 5.09 | -0.07 | -1.36% |
The next steps for AQST-108 include pharmacokinetic studies that involve taking several blood samples from healthy people using the treatment over a period of time to determine how the body handles the substance. Aquestive expects to begin those this year.
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The average anaphylaxis emergency room visit costs just over $1,400, a 2016 report from insurer Blue Cross and Blue Shield found. The average out-of-pocket cost per patient is $373. About 1 percent of hospitalizations for anaphylaxis end with the patient's death, according to the National Center for Biology Information.
This is the second piece of potentially good news for people with food allergies. Last week, Aimmune Therapeutics saw its shares skyrocket after the FDA approved the company's drug that reduces -- and potentially eliminates -- kids' allergic reactions to peanuts.
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Aquestive is also the maker of seizure drug Sympazan. Its stock has fallen 32 percent in the past 12 months.