Shares of Alterity Therapeutics soared Monday after the biotech firm disclosed promising new clinical trial data for its Parkinson's disease treatment. ATHE stock rose roughly 160% to 4.33 in early trades on the stock market today.
ATHE stock had retreated 52% in 2023 prior to the news. The biotech firm, which is based in Melbourne and San Francisco, said its ATH434 treatment improved motor performance and general function in monkeys with experimentally induced Parkinson's disease.
Also, the favorable impact on Parkinson's symptoms was associated with lower iron levels, Alterity said.
"Importantly, the improvements in motor skills and general functioning that parallel human parkinsonism were associated with reductions in iron in affected brain regions, validating the approach we are using in our ongoing clinical trials," said Chief Executive David Stamler in a news release.
Meanwhile, IBD's Medical-Biomed/Biotech group ranks No. 89 out of 197 groups tracked.
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