PURCHASE, N.Y. - Cognition Therapeutics, Inc. (NASDAQ: CGTX), a biopharmaceutical company focused on neurodegenerative diseases, announced today that it has achieved target enrollment for its Phase 2 SHIMMER study, which evaluates the safety and effectiveness of the experimental drug CT1812 in adults with mild-to-moderate dementia with Lewy bodies (DLB). The company expects to release top-line results in the second half of 2024.
The SHIMMER study, a randomized, placebo-controlled clinical trial, has enrolled 120 adults to test CT1812, an oral medication designed to penetrate the blood-brain barrier and selectively bind to the sigma-2 receptor complex. This receptor complex is implicated in the regulation of cellular processes like membrane trafficking and autophagy, which are disrupted in neurodegenerative diseases.
Participants in the trial are receiving either a placebo or one of two daily doses of CT1812 over six months. The study's outcomes will focus on changes in cognition and executive function, utilizing the Montreal Cognitive Assessment (MoCA) and Cognitive Drug Research Battery (CDR) tools, along with biomarker evidence of disease modification and target engagement.
Lisa Ricciardi, president and CEO of Cognition Therapeutics, expressed optimism about the drug's potential, citing its unique mechanism that targets both amyloid-beta (Aβ) and alpha-synuclein oligomers, proteins associated with neurodegeneration in DLB.
DLB, a condition that affects an estimated 1.4 million Americans, presents with symptoms of both Parkinson's and Alzheimer's diseases and currently lacks disease-modifying treatments. The SHIMMER study is supported by a $30 million grant from the National Institute on Aging of the National Institutes of Health (NIH) and is being conducted in collaboration with the University of Miami Miller School of Medicine and the Lewy Body Dementia Association (LBDA).
Cognition Therapeutics is also conducting other clinical trials, including two Phase 2 studies in Alzheimer's disease and one in dry age-related macular degeneration. Results from the Alzheimer's disease SHINE clinical trial are anticipated in mid-2024.
This announcement is based on a press release statement, and the information provided is subject to the completion of ongoing clinical studies and regulatory review processes.
InvestingPro Insights
As Cognition Therapeutics, Inc. (NASDAQ: CGTX) advances its Phase 2 SHIMMER study for the potentially transformative drug CT1812, investors are closely monitoring the company's financial health and stock performance. With a market capitalization of $78.08 million, CGTX is navigating the challenging biopharmaceutical landscape.
InvestingPro data indicates that the company's price-to-earnings (P/E) ratio stands at -2.10, reflecting investor expectations of future earnings. The adjusted P/E ratio for the last twelve months as of Q4 2023 is -3.03, which suggests that the market is taking a cautious view of the company's profitability. Moreover, the company's stock has experienced significant volatility, with a 71.05% price total return over the last six months, showcasing a dynamic market sentiment towards CGTX.
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