- The stock price of Cognition Therapeutics Inc (NASDAQ: CGTX) increased by over 16% during intraday trading today. This is why it happened.
The stock price of Cognition Therapeutics Inc (NASDAQ: CGTX) – a clinical-stage biopharmaceutical company engaged in the discovery and development of innovative, small molecule therapeutics targeting age-related degenerative diseases and disorders of the central nervous system and retina – increased by over 16% during intraday trading today. Investors are responding positively to Cognition Therapeutics providing a summary of the company’s 2021 accomplishments and outlining upcoming milestones anticipated in the year ahead.
Key 2021 Financial Achievements
— On October 13, Cognition closed its upsized IPO and in mid-November, the underwriters’ overallotment option was exercised to purchase additional shares of the Company’s common stock, bringing aggregate gross proceeds to approximately $52 million.
— Cognition was awarded a $30 million grant from the National Institute on Aging (NIA) to support a planned Phase 2 study of CT1812 in dementia with Lewy bodies (DLB). The company received additional grant funding from the NIA to conduct human absorption, metabolism, and excretion (hAME) studies ($1.6 million) and to supplement the ongoing Phase 2 SHINE (COG0201) study of CT1812 ($13.6 million). In 2020, Cognition experienced a temporary delay in enrollment and patient treatment in the SHINE trial due to the COVID-19 pandemic. With the additional capital from the NIA, Cognition has recommenced enrollment in the trial.
Key 2022 Goals and Initiatives
— Progress the Phase 2 Alzheimer’s Clinical Trials Consortium (ACTC) study with 540 early-stage AD patients, assessing cognition and biomarkers. This trial is funded by an NIA $81 million grant.
— Enroll the final cohort in the ongoing SHINE trial recruiting 120 patients with mild-to-moderate Alzheimer’s disease. An interim analysis demonstrated a clinically meaningful three-point change in ADAS-COG scores at day 185 and a statistically significant reduction in Aβ protein in the treated arm. This study is supported by a $30 million grant from the NIA.
— Expand the pipeline with Phase 2 dry AMD study and DLB studies, the latter of which is funded by a $30 million grant from NIA.
— Advance preclinical work in Parkinson’s disease evaluating two σ-2 modulators for clinical development. This project is partially funded by a grant from the Michael J. Fox Foundation.
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