ARTICLE | Finance
Back in black
Addex stock leaps on Parkinson's data; gets BVF's 30% stake out of the red
March 26, 2012 7:00 AM UTC
Addex Therapeutics (SIX:ADXN) has parlayed a $4 million bet on a Phase IIa trial in Parkinson's disease into a market cap bump of $46.5 million. The gain on last week's positive data for dipraglurant-IR in PD levodopa-induced dyskinesia also pulls the company's largest shareholder, BVF Partners LP, out of the red on its investment.
The negative allosteric modulator of metabotropic glutamate receptor subtype 5 (mGluR5) plus levodopa met the primary safety endpoint with no reported changes in liver function tests. On exploratory efficacy endpoints, dipraglurant-IR significantly reduced peak modified Abnormal Involuntary Movement Scale (mAIMS) scores on day one and day 14 vs. placebo (p=0.042 and p=0.038, respectively)...