(Reuters) -Annovis Bio’s on Monday reported data that showed its Alzheimer’s disease drug failed to show statistical significance in meeting the goals of a mid-stage trial, sending its shares tumbling as much as 60%.
The trial tested the drug buntanetap in patients with mild-to-moderate Alzheimer’s disease along two scales assessing cognition and cognitive dysfunction.
In a press release, the company said a “post-hoc” analysis of the trial data had shown statistically significant results in improving cognition along an Alzheimer’s disease scale in a subgroup of patients who had mild disease.
However, the company only included a sub-group of patients in its analysis, around 90 of the planned 325 patients, which was not the pre-specified criteria of the study.
The company said it believed the drug could “give patients both symptomatic and disease-modifying benefits,” and plans to conduct a late-stage trial over 18 months on patients with early Alzheimer’s disease.
The drug also failed to show statistical significance on another co-primary goal of the study which measured cognition along a scale known as ADCS-CGIC, which relies on both direct examination of patients by doctors and interview of care providers.
It also failed to show a statistical improvement in a secondary goal of the trial. Shares of Annovis were halted several times in Monday’s session for volatility.
(Reporting by Christy Santhosh and Bhanvi Satija in Bengaluru; Editing by Vijay Kishore)
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