Neuren shares tumble after trading halt lifted
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The news: Shares in Neuren Pharmaceuticals dived as the market responded to the biopharmaceutical company's June quarter results, released on Wednesday, after a two-day trading halt.
The Melbourne-based company's shares were down 6.7% to $15.94 by 11:40am AEST.
Neuren's earnings release featured a downgrade to full-year guidance for US sales of its Rett syndrome drug Daybue.
Today, Neuren announced that top-line results from a Phase 2 trial of its drug candidate NNZ-2581 showed "significant improvements" for children with Angelman syndrome.
Neuren posts encouraging results from Angelman syndrome trial
The news: Neuren Pharmaceuticals said top-line results from a Phase 2 trial of its drug candidate NNZ-2581 showed "significant improvements" for children with Angelman syndrome.
The context: Melbourne-based biopharmaceutical company Neuren said the drug was "safe and well tolerated" as an oral liquid dose, and improvements were seen in "clinically important" aspects of the disorder.
Angelman syndrome is a genetic disorder that causes developmental disabilities and nerve-related symptoms. Currently, there are no approved treatments for the disorder.
Clinical and caregiver global efficacy measures specifically designed for Angelman syndrome showed a level of improvement from the baseline that was "statistically significant and considered medically meaningful", the company said.
Neuren entered a trading halt on Wednesday pending the clinical trial results, immediately after releasing the company's June quarter earnings, which included a downgrade to full-year guidance for US sales of its Rett syndrome drug Daybue.
What they said: Neuren CEO Jon Pilcher said: "These results provide additional confirmation that NNZ-2581 as an oral liquid dose may address the core symptoms of diverse neurodevelopmental disorders, independent of the origin of the underlying genetics".
"We are very grateful to the people in the Angelman syndrome community and at the trial sites in Australia who enabled the successful completion of the trial," he said.
The source: ASX announcement
