Cognition Therapeutics rises as U.S. FDA greenlights Alzheimer's drug study

Cognition Therapeutics

22/02/2023 15:50

** Shares of drug developer Cognition Therapeutics  CGTX.O 
rise 5.8% to $1.73 in morning trade 
    ** Stock set for its biggest one-day pct. gain in nearly 3
weeks if gains hold 
    ** Co says it has cleared the U.S. Food and Drug
Administration (FDA) comment period to proceed with a mid-stage
study testing an experimental drug to treat early Alzheimer's
disease 
    ** The study is supported by a grant of about $81 million
for 5 years from the U.S. National Institutes of Health- CGTX 
    ** The study will be conducted in 540 patients at about 50
to 60 sites in North America, including institutions in the
Alzheimer's Clinical Trials Consortium (ACTC)- CGTX 
    ** The drug candidate, CT1812, is designed to prevent the
toxic effects of amyloid beta proteins, which is believed to
drive the progression of Alzheimer's disease, on neurons- CGTX 
    ** Including session's moves, stock has fallen ~44% in the
past 12 months
 (Reporting by Mariam E Sunny)
 ((Mariam.ESunny@thomsonreuters.com;))