Pharma company gets $2.7M grant to continue 'positive' Alzheimer's treatment trials
Neurotrope testing new treatment called Bryostatin
Could hope finally be on the horizon for patients diagnosed with Alzheimer’s disease?
Biopharmaceutical company Neurotrope announced on Wednesday that its latest trial of Bryostatin-1, a treatment for patients with Alzheimer’s, showed some positive results and that the company received a $2.7 million grant from the National Institute of Health to support another study.
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“I am encouraged by the NIH funding,” said Dr. Marwan Sabbagh, director of the Cleveland Clinic Lou Ruvo Center for Brain Health, an advisor on the design on the trial and a paid member of Neurotrope’s scientific advisory board. “The data suggests that Bryostatin may still be considered a new approach to Alzheimer’s treatment.”
Neurotrope’s stock price shot up 150 percent on the news, peaking at $3.85. It had dropped back down to $1.42 by the end of trading Wednesday, a 2 percent drop from the start of the day.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NTRP | NEXTTRIP | 1.60 | +0.03 | +2.00% |
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The company, which develops novel therapies for neurodegenerative diseases, said it is continuing to review several “viable strategic alternatives.” Neurotrope is also studying Bryostatin for Fragile X syndrome, multiple sclerosis, stroke, traumatic brain injury and other conditions.
“We are continuing our efforts to identify the most favorable strategic alternative for the company,” CEO Charles S. Ryan said in the press release. “The committee has been working tirelessly in an effort to increase shareholder value. We are pleased with the progress that has been made and expect to provide additional guidance in the near future.”
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