By Denny Jacob
CervoMed shares rose 15% after receiving the Food and Drug Administration's orphan drug designation for neflamapimod, its frontotemporal dementia treatment.
Shares were trading around $9.19. The stock is up 4.6% on the year.
The clinical-stage company said it's in discussions regarding the design of a proof-of-principle study while also continuing to prepare to advance neflamapimod into a Phase 3 trial in mid-2025.
Frontotemporal dementia is rare neurodegenerative disease that affects an estimated 50,000 to 60,000 people in the United States, roughly 110,000 in the European Union, with potentially higher prevalence in Asia and Latin America, said CervoMed.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
November 27, 2024 08:19 ET (13:19 GMT)
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