Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Alzamend Neuro (NASDAQ: ALZN) are rallying premarket on Friday after the company said it has received positive toxicology results for AL002.
The results came from a toxicology study conducted by Charles River Laboratories, which used a transgenic mouse model of Alzheimer’s disease.
The preclinical stage biopharmaceutical company described AL002 as “a patented method using a mutant-peptide sensitized cell as a cell-based therapeutic vaccine that seeks to restore the ability of a patient’s immunological system to combat Alzheimer’s.”
“The positive GLP toxicology results represent a key milestone for Alzamend as we continue to advance our proprietary pipeline,” said Stephan Jackman, CEO of Alzamend.
“We believe AL002 could potentially reverse the effects of Alzheimer’s disease. We look forward to providing more details on the timeline and market opportunity as we prepare for the submission of our Pre-Investigational New Drug Application for AL002 to the U.S. Food and Drug Administration in the near future,” added Jackman.
The company's shares have jumped 70.7% premarket to $9.80.
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