Shares of thinly-traded microcap biopharma Neurotrope Inc (NASDAQ: NTRP) gap-opened sharply higher on above 50 times average volume following a corporate update from the company.
Detailed Analysis Shows Promise
Following the completion of data analysis for a confirmatory Phase 2 study dubbed "203 study" that evaluated its experimental Alzheimer's disease candidate Bryostatin-1, Neurotrope said the data showed improvement in cognitive function of pre-specified Moderate Stratum patients at week 13, which is the primary endpoint.
"The data suggests that Bryostatin may still be considered a new approach to Alzheimer's treatment," said Dr. Marwan Sabbagh, who helped design the trial and is a paid member of its Scientific Advisory Board.
This is as opposed to the top-line results released last September, which showed the study did not meet its primary endpoint, sending the stock down by 77% in a single session.
Neurotrope also announced it has been awarded a $2.7 million funding from the National Institute of Health to support an additional Phase 3 study focused on the Moderate Stratum for which it reported an improvement. The company said it plans to meet with the FDA to present the totality of data from the NTRP101-202 and NTRP101-203 studies.
Updating on the strategic review it initiated late last year, Neutrope said it's continuing to review several viable strategic options: "We are pleased with the progress that has been made and expect to provide additional guidance in the near future."
Neurotrope's was soaring 151% to $3.65 per share at time of publication.