Clinical trial failure of Alzheimer's drug Fosgonimeton leads to Athira Pharma plunging 72% after hours
Athira Pharma suffered a setback in clinical trials, as its Alzheimer's disease candidate drug fosgonimeton failed to meet the primary and key secondary endpoints in Phase 2/3 trials, leading to a 72% plunge in stock price in after-hours trading. The company's Chief Medical Officer, Javier San Martin, remains optimistic about the drug's future, believing that positive modulation of the HGF pathway may improve neuronal health
According to the Zhītōng Finance APP, on Tuesday local time, Athira Pharma (ATHA.US) announced disappointing news: its candidate drug fosgonimeton for the treatment of Alzheimer's disease did not meet the primary endpoint and key secondary endpoints in a Phase 2/3 clinical trial. This result led to a significant 72% drop in the company's stock price in after-hours trading.
The study, named LIFT-AD, aimed to evaluate fosgonimeton as a potential treatment for mild to moderate Alzheimer's disease. Despite the unfavorable results, Dr. Javier San Martin, Chief Medical Officer of Athira, expressed optimism about the future in a statement. He noted that the placebo group in the trial did not show a decline in clinical symptoms, and the relatively short duration of the study may have limited the ability to fully demonstrate the therapeutic effects of fosgonimeton.
Dr. San Martin further explained, "Nevertheless, we still believe that the full dataset shows the potential for positive modulation of the HGF (hepatocyte growth factor) pathway to improve neuronal health metrics and may have a positive impact on slowing disease progression." His remarks convey the company's confidence in the drug's potential, despite the current trial results not supporting its effectiveness as a treatment for Alzheimer's disease
