ANNX $6.81 + 48% June 4 (Reuters) - Annexon said on Tuesday its experimental drug helped improve motor functions like standing and walking in patients with Guillain-Barre syndrome, a neurological disease that can cause paralysis and even death.
Shares of the company jumped 31% to $6 in premarket trading, after its drug met the main goal of a late-stage study.
The drug, ANX005, was tested in 241 patients with Guillain-Barre syndrome (GBS), a neurological disease in which the body's immune system attacks the nerves causing muscle weakness.
The study was conducted in Bangladesh and the Philippines due to the high prevalence of the disease and limited access to standard of care treatment, the drug developer said.
A single infusion of the drug achieved a highly statistically significant 2.4-fold improvement, compared to placebo, on a disability scale that measures motor functions at eight weeks, Annexon said.
The drug also showed improvements versus placebo on key secondary endpoints, including early gains in muscle strength and fewer days on artificial ventilation.
ANX005 also provided an early reduction of serum levels of neurofilament light chain, a biomarker of nerve damage, relative to placebo, between weeks two and four.
The company estimates that the disease results in hospitalization of more than 22,000 people annually in the United States and Europe.
Currently, there are no approved treatments for GBS by the U.S. Food and Drug Administration.
Annexon expects to submit a marketing application for the drug in the first half of 2025. (Reporting by Sneha S K; Editing by Shilpi Majumdar)
