Biogen (NASDAQ:BIIB) saw its shares rise after partner Esai said it believed two deaths in the trial of their experimental Alzheimer’s drug could not be attributed to the treatment. Biogen stock fell earlier in the week when the report of the second death first surfaced. Data from the trial showed that the drug slowed cognitive decline but could carry a risk of serious side effects.
According to a press release from the biotechnology company, lecanemab performed well in a Phase 3 clinical trial. That trial was testing the efficiency of the drug compared to a placebo. Results from the study were measured using the Clinical Dementia Rating Sum of Boxes (CDR-SB).
Those results showed lecanemab patients score 1.21 on the CDR-SB, as compared to the 1.66 from placebo patients. That represents a 27% slowing of decline, which counts as statistically significant.
With those results, Biogen’s Alzheimer’s drug met the primary endpoint of the clinical trial. Investors will also note that the drug saw statistically significant results for all secondary endpoints as well.
Biogen reporting positive results from the clinical trial is a plus for investors in its stock. It means the company is one step closer to getting approval from the U.S. Food and Drug Administration (FDA) if it submits a New Drug Application. This approval would open it to commercial sales of the Alzheimer’s treatment.
BIIB shares opened Wednesday up $17.00, or 5.8%, to $308.41.
