Minerva Neurosciences Inc (NASDAQ:NERV) shares jumped 13.09% on June 1 to $13.91 after the company shared positive top-line results in clinical trials for its antidepressant drug candidate.
Minerva Neurosciences Inc (NASDAQ:NERV) is a clinical-stage biopharmaceutical company that is focused on the development and commercialization of a portfolio of product candidates to treat patients suffering from central nervous system diseases.
Share prices are moving in a 52-week range of $3.45 to $14.54 so its current price is already near the top. More signs of progress in its clinical trials could provide enough bullish momentum for an upside breakout of resistance. The company has a market capitalization of $422 million at 27.94 million shares outstanding.
Its antidepressant drug candidate MIN-117 saw positive top-line results from a phase IIa trial. This candidate is being evaluated for treating major depressive disorders. The objective of these clinical trials is to test the efficacy, safety, and tolerability of the drug over six weeks of treatment.
The latest results of the clinical trials showed a dose-dependent superiority of MIN-117 over the placebo. These were evaluated based on changes on the Montgomery-Asberg Depression Rating Scale (MADRS). In addition, the clinical trials showed that a 0.5mg daily dosage of MIN-117 had an effect size compared to the placebo group of 0.23. Meanwhile, the 0.25mg daily dosage of the drug had an effect size of 0.33. It also showed favorable results in safety and tolerability.
What does this mean?
The positive results of the clinical trials could set the stage for mainstream acceptance of this drug, which addresses one of the leading causes of disability worldwide. As such, MIN-117 could cater to a large global market and increase the company’s revenues pending approval. With that, the company could have more resources to work on its other candidates such as MIN-101 for schizophrenia and MIN-202 for insomnia and adjunctive major depressive disorder.
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