Annovis Bio's stock rockets 119% after reporting positive data in Parkinson's disease trial

MW Annovis Bio's stock rockets 119% after reporting positive data in Parkinson's disease trial

By Ciara Linnane

Stock on track for its best one-day performance in three years

Annovis Bio Inc.'s stock rocketed 119% on Tuesday after the biotech reported positive results in a late-stage trial of its Parkinson's disease treatment called buntanetap.

The stock was on track for its best performance since May 21, 2021, when it gained 127%.

The Phase 3 trial showed buntanetap is safe and effective in improving motor and nonmotor activities and improving cognitive function in patients with early Parkinson's, the Malvern, Pa.-based Annovis $(ANVS)$ said in a statement.

"We are very pleased to see improvements in many of our patients over such a short course of treatment. These compelling data reinforce our commitment to advancing buntanetap into a longer study, which will allow us not only to verify observed symptomatic improvements but also to explore buntanetap's disease-modifying properties," Maria Maccecchini, the founder, president and CEO of Annovis Bio, said in prepared remarks.

The trial found that for the entire enrolled patient group, the placebo group showed cognition deterioration throughout the study, while all treatment groups maintained baseline levels. The two treatment groups were given either 10 mg or 20 mg of the drug.

Treatment with 20 mg "showed significant improvement in cognition compared with placebo," the company said.

The drug also improved cognition in patients with mild dementia.

Patients with a diagnosis of more than three years showed improvement in motor and nonmotor functions, as did patients with postural instability and gait difficulty, known by the acronym PIGD.

Patients with PIGD are considered to have faster disease progression than those without.

"Buntanetap maintained a consistent safety profile across all participants, with no significant differences between early and advanced PD patients, confirming our previous AD data," the company said.

Annovis is planning to hold a webcast at 4:30 p.m. Eastern time to discuss the findings.

There are an estimated 1 million people in the U.S. and more than 10 million worldwide living with Parkinson's, according to the U.S. association's website. The neurological movement disorder is characterized by its most common symptoms, namely tremors, stiffness or rigidity of the muscles and slowness of movement.

Annovis's stock is still down 40% in the year to date, while the SPDR S&P Biotech exchange-traded fund XBI has gained 2.3% and the S&P 500 SPX has gained 15%.

-Ciara Linnane

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July 02, 2024 13:57 ET (17:57 GMT)

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