) surged a whopping 27.5% and also touched a 52-week high after
the company announced that interim data from a phase I study on
its pipeline candidate, NEOD001, will be presented at the XIV
International Symposium on Amyloidosis (ISA).
The study is evaluating the safety, tolerability,
pharmacokinetics and immunogenicity of the candidate in patients
suffering from immunoglobulin light chain (AL) amyloidosis and
persistent organ dysfunction. The company has plans to initiate a
phase II/III study on the candidate in the fourth quarter of
NEOD001 currently enjoys orphan drug designation for the
treatment of AL and amyloid A (AA) amyloidosis in the U.S. and
for the treatment of AL amyloidosis in the EU. Prothena mentioned
in its press release that there are no approved treatments for AL
amyloidosis that directly target potentially toxic forms of the
AL protein at this moment.
Prothena stated further that AL amyloidosis affects approximately
15,000 patients in the U.S. and EU. As per company sources, an
estimated 1,200 to 3,200 new cases are reported each year in the
U.S. As a result successful development of NEOD001 will open up
an untapped decent market for Prothena. We are encouraged by the
company's progress with the candidate so far and expect investor
focus to remain on NEOD001 going forward.
Prothena's pipeline also includes PRX002 and PRX003. PRX002 is
being developed for the treatment of Parkinson's disease and is
currently in preclinical development. The company intends to
initiate phase I study on the candidate later in 2014. Prothena
has a worldwide collaboration agreement with
) for PRX002.
Prothena's other candidate, PRX003, is being developed for the
treatment of inflammatory diseases and cancer. The company
intends to complete Investigational New Drug application-enabling
toxicology studies on the candidate this year. Prothena plans to
start phase I studies on PRX003 next year.
Prothena currently carries a Zacks Rank #3 (Hold). Some
better-ranked stocks in the same sector include
Gilead Sciences Inc.
). Both stocks carry a Zacks Rank #1 (Strong Buy).
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