Alterity Therapeutics Ltd. (ATHE) stock gained a huge 35.05% in the after-hours on January 05. The stock seems to be gaining after the company announced its upcoming presentation at the H.C. Wainwright BIOCONNECT virtual conference.
During regular trading, the stock fluctuated between $0.7900 and $0.8580 at 2.84 million shares. ATHE closed the session at $0.8293 with a gain of 3.65%. Following the announcement, the stock went up to $1.12 in the after-hours session on Wednesday.
The neurodegenerative disease therapies developer, Alterity Therapeutics Ltd. has a market capitalization of $34.88 million. Currently, the company has 40.11 million shares outstanding in the market.
ATHE’s Participations
On Wednesday, the company announced that its CEO, David Stamler will be presenting at the H.C. Wainwright BIOCONNECT conference. The conference will be held virtually from January 10 to January 13, 2022.
Previously, the company had also participated in two virtual investor conferences in November and December of 2021. Firstly, Mr. Stamler participated in the MST Financial Lifesciences & Biotech Forum. This conference was held on Thursday, November 25, 2021. Secondly, the CEO also participated in the Benckmark Company Discovery One-on-One Investor Conference. The one-on-one conference took place on Thursday, December 02 (U.S.) and Friday, December 03 (Australia).
Regulatory Authorization for Phase 2 Trial of ATH434
On December 14, the company announced receiving the first regulatory authorization for its Phase 2 clinical trial of ATH434. As per the news, the New Zealand Medicines and Medical Devices Safety Authority (Medsafe) authorized the trial. Moreover, the Phase 2 clinical trial is designed for the evaluation of ATH434 in Multiple System Atrophy (MSA). MSA is a rare neurodegenerative disease that affects the autonomic nervous system and movement. Further, MSA is a Parkinsonian disorder with no drugs for slowing its progression and no cure.
The Phase 2 trial is a double-blind, placebo-controlled, and randomized study of the efficacy, safety, and pharmacokinetics of ATH434. Furthermore, ATH434 is ATHE’s lead product candidate with the potential of treating Parkinson’s and its various forms. Previously, ATH434 demonstrated the successful completion of the Phase 1 clinical trial. Recently, the European Commission and the U.S. FDA granted Orphan designation to ATH434 for treating MSA.
ATHE’s Q1 FY22 Quarterly Cash Flow
According to Appendix 4C Quarterly Cash Flow Report for the Q1 FY22, ATHE had a cash balance of A$41.3 million. Furthermore, this cash position also includes proceeds of A$17.2 million from share issuance through the at-the-market facility in July 2021. In addition, the Q1 FY22 ended on September 30, 2021.
