ProMis Neurosciences experienced a sharp drop in its share price last week following disappointing trial results from competitor Acumen Pharmaceuticals. Acumen's mid-stage study revealed that its Alzheimer’s drug failed to slow cognitive or functional decline compared to a placebo. Because ProMis is developing an amyloid-targeting therapy with a similar mechanism, investors sold off its stock in response. However, ProMis Chief Executive Officer Neil Warma publicly labeled the market reaction as completely unjustified.
Key points
The stock slump at ProMis demonstrates how clinical setbacks for one drug candidate can i…: The stock slump at ProMis demonstrates how clinical setbacks for one drug candidate can immediately depress valuations of similar rival therapies.
Acumen's mid-stage failure highlighted substantial efficacy hurdles for therapies utilizi…: Acumen's mid-stage failure highlighted substantial efficacy hurdles for therapies utilizing this specific mechanism to combat cognitive decline.
Chief Executive Officer Neil Warma maintained confidence in ProMis' program by characteri…: Chief Executive Officer Neil Warma maintained confidence in ProMis' program by characterizing the investor sell-off as a complete overreaction.
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Shares of ProMis Neurosciences, developer of an amyloid-targeting treatment for Alzheimer’s disease, sold off sharply last week in reaction to an announcement from Acumen Pharmaceuticals that its own Alzheimer’s drug, with a similar mechanism, failed to slow the cognitive or functional decline of patients with Alzheimer’s disease compared to a placebo in a mid-stage study.
“This was a complete overreaction in my opinion and not justified,” ProMis CEO Neil Warma told me, when I asked if investors were correct to assume the failure of Acumen’s drug presaged a similar fate for ProMis’ drug.
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