Clinical-stage biotech company Actinogen Medical Limited (ASX: ACW) today announced the registration of final patient into its phase two study of Xanamem called XanADu.
XanADu is a phase two placebo-controlled study aimed to evaluate the tolerability, efficacy and safety of Xanamem in the treatment of patients who have mild Alzheimer. So far, Actinogen Medical has enrolled 186 patients into the study, more than its initial target of 174 patients. It includes the active participation of research site and study teams across Australia, the UK and the USA.
With this the company gets on track to report its Phase II clinical trial during the second quarter of 2019 as these final patients will reportedly complete the trial in four months from today, i.e. 27 November 2018. This period of four months trial will include the three months treatment with Xanamem or placebo, comparing them in subjects, and one-month observation phase off-treatment. It will then follow a review and collation of data gathered from trial before starting with analysis.
CEO of Actinogen Medical, Dr Bill Ketelbey commented that with the enrollment of final patient, Actinogen has achieved a significant milestone for XanADu as the company now have certainty on the timeline earlier announced for the completion of trial and release of results. He further offered his gratitude to the patients and medical research sites for understanding the cognitive impairment and Alzheimer’s disease and thereby supporting the clinical trial of new drugs that are designed to treat these diseases.
Actinogen management believes that if trial results into positive outcome, it could underscore the substantial step forward in the development of new therapy for the treatment of patients with Alzheimer and other cognitive declines.
On financial performance front, the company has reported a total comprehensive loss of $6,230,609 for the year ended 30 June 2018, almost double from FY17’s loss of $3,190,338. Moreover, cash and cash equivalents stood at $10,003,797 as at 30 June 2018, broadly reflecting cash proceeds raised from issue of shares.
The stock of Actinogen Medical Limited (ASX: ACW) last traded at a share price of $0.043 with market capitalization of $47.76 million. Over the past one year the stock has witnessed a negative performance change of 8.51% but this meltdown has increased to 25.86% over the past three months as at 27 November 2018.
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