One of the best performers on the ASX today is the Alterity Therapeutics Ltd (ASX: ATH) share price. Driving the meteoric rise, the biotech company announced positive results for its lead compound, ATH434.
At the time of writing, Alterity shares are swapping hands for 4.25 cents apiece, up 41.67%.
What does Alterity do?
Alterity is an Australian biotech company that focuses to commercialise research into neurodegenerative disorders. This includes Parkinsonian movement disorders, Alzheimer’s disease, Huntington disease and others.
The company’s lead candidate ATH434 is currently in development. It aims to block the aggregation of pathological proteins that cause brain degeneration. Current remedies include medications and lifestyle choices to manage symptoms, but there is no treatment to cure the disease.
What were the results?
Investors are pushing Alterity shares higher following the release of its oral presentation at the virtual American Academy of Neurology.
According to Alterity’s update, its ATH434 compound has shown promising data for the treatment of Parkinsonian disorders.
The company highlighted the data obtained from the study strengthened evidence in ATH434 protecting brain cells and improving motor function. In a particular task, ATH434 advanced motor performance when assessing coordination and balance in animals. While findings are still new, the company stated that the important data provides future clinical development.
In addition, researchers also found a reduction in glial cell inclusions which is a pathological feature of Multiple System Atrophy (MSA).
Alterity CEO, Dr David Stamler commented:
“These new data are very encouraging and provide a strong rationale for the disease-modifying potential of ATH434.”
About the Alterity share price
Since the sharp increase of 41 cents at the start of July, Alterity share price has moved sideways. In the last 6 months alone, the company’s shares have traded below 5 cents apiece.
Alterity has a market capitalisation of roughly $77 million, with a tad over 2 billion shares on issue.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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