Acorda Scores Great Phase III Data (ACOR)
Acorda Therapeutics Inc. (NASDAQ: ACOR) has announced positive data from a second Phase III study of its Fampridine-SR for patients’ walking abilities who suffer from multiple sclerosis. As a result, shares surged at the open.
The company noted that a greater proportion of people taking Fampridine-SR in the Phase III trial had a consistent improvement in walking speed compared to people taking placebo with rates being 42.9% versus 9.3%. These results were measured by a timed 25-Foot walk, which is the standard of that measurement. This even showed an improvement in the secondary outcome measured in leg strength versus the placebo. The company says that this will also be sufficient to submit a new drug application with the FDA in the first quarter of 2009, and it plans to submit a priority review as well.
There is unfortunately still no cure nor any prevention/vaccine for MS. But any drugs that can mitigate the effects of MS all have blockbuster potential of more than $1 Billion in annual sales.
Acorda is gapping up significantly at the open and doing so on strong volume. Right after the open, it saw trading volume of 1,390,024. It usually trades 570,000 shares per day. It closed at $21.56 on Friday and shares just opened at $26.13. Its 52-week trading range is $15.80 to $28.14.
Jon Ogg
June 2, 2008