Biogen, Inc (NASDAQ: BIIB)
Shares of Biogen Inc. gapped sharply before the opening bell on Friday, following an announcement that a drug designed to treat Alzheimer’s has shown positive results in its mid-clinical stage study.
The announcement was jointly made by Biogen and its Tokyo counterpart Eisai Co., Ltd that were studying the drug together.
The companies said that after 18 months of studying the effects of BAN2401 on 856 people with early Alzheimer’s disease, the drug exhibited important results.
The drug significantly reduced amyloid beta in the brains of the patients, thus offering sufficient reasons to consider it as a possible candidate for treating Alzheimer’s disease.
Beta amyloid is a protein that triggers toxic plaques in the brain, which in turn cause Alzheimer’s. Presently, all drugs targeted at Alzheimer’s are only designed to reduce its symptoms.
BIIB stock was up $39.24, or 13.13% to $298.81 in premarket trade.
Biogen Executive Comments
Biogen executive vice president and chief medical officer Alfred Sandrock, commented; “The prospect of being able to offer meaningful disease-modifying therapies to individuals suffering from this terrible disease is both exciting and humbling. These BAN2401 18-month data offer important insights in the investigation of potential treatment options for patients with Alzheimer’s disease and underscores that neurodegenerative diseases may not be as intractable as they once seemed.”
Biogen, Inc. Company Profile
Biogen Inc. engages in the research, development, manufacture, and delivery of therapies for the treatment of autoimmune disorders, neurodegenerative diseases, and hematologic conditions.
The company offers PLEGRIDY, TECFIDERA, and AVONEX for treating relapsing forms of multiple sclerosis; TYSABRI for relapsing forms of Crohns disease and multiple sclerosis; and FAMPYRA for improving walking ability in multiple sclerosis.
It also offers ELOCTATE for controlling bleeding episodes in children and adults with hemophilia A; ALPROLIX for controlling bleeding episodes in children and adults with hemophilia B; RITUXAN to treat chronic lymphocytic leukemia, rheumatoid arthritis, and non-Hodgkin’s lymphoma.
In addition, Biogen offers FUMADERM for treating plaque psoriasis, and GAZYVA for patients with previously untreated chronic lymphatic leukemia. The company is currently developing a monoclonal antibody known as ZINBRYTA, for treating relapsing-remitting multiple sclerosis; ISIS-SMNRx for spinal muscular atrophy; and Aducanumab for Alzheimer’s disease.
The company is also studying other products, such as Anti-LINGO for treating multiple sclerosis and optic neuritis; Amiselimod for treating multiple autoimmune indications; BG00011 for treating idiopathic pulmonary fibrosis; E2609 and BAN2401 for treating Alzheimer’s disease; rAAV-XLRS for treating X-linked juvenile retinoschisis; Raxatrigine for treating trigeminal neuralgia.
Biogen is also examining Dapirolizumab pegol for treating systemic lupus erythematosus; Anti-alpha-synuclein for treating Parkinson’s disease; ISIS-DMPK for treating myotonic dystrophy; Anti-BDCA2 for treating systemic lupus erythematosus; and BIIB063 for sjogren’s syndrome.
The company offers its products primarily via its own salespersons, third parties, and marketing groups internationally. It also has a strategic research partnership with Carlsbad, California-based Ionis Pharmaceuticals, Inc.
Biogen Inc. was founded in 1978 by Phillip Allen Sharp, Charles Weissmann, Walter Gilbert, Heinz Schaller, and Kenneth Murray. Its headquarters are located in Cambridge, Massachusetts. –Reuters