On Thursday Stealth BioTherapeutics Corp (NASDAQ:MITO) stock raised 8.26% and closed at 7.73. The stock opened the session at $7.13 and touched its highest price point at $7.85. Its recent trading capacity is 17779 shares versus to its average trading volume of 76760 shares. The company’s stock’s lowest price point for the session stood at $7.13. MITO traded as low as $ in the past 52 weeks, and shares hit its peak level to $20.99.
On Nov. 14, 2019, Stealth BioTherapeutics Corp (NASDAQ:MITO) a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel therapies for diseases involving mitochondrial dysfunction, declared financial results for the third quarter ended September 30, 2019 and provided a corporate update.
We’re approaching a transformational stage in our company’s development, with our recently announced partnership with Alexion and our anticipated pivotal data in primary mitochondrial myopathy in January bringing us even closer toward our goal of delivering transformative therapies to patients with rare, mitochondrial diseases, said Reenie McCarthy, Stealth’s Chief Executive Officer. On the clinical front, the long-term data from our Barth open-label extension, now showing improvement across multiple parameters of cardiac function suggestive of cardiac remodeling, increases our optimism in elamipretide as a potential therapy for this devastating disease. We’re also excited to usher our new investigational candidate, SBT-272, into the clinic, following recently announced data in an ALS model highlighting its neuro-protective potential.
- Entered an option agreement with Alexion to co-develop and commercialize the subcutaneous formulation of lead product candidate, elamipretide, which is currently in a Phase 3 study in primary mitochondrial myopathy (PMM). If exercised, the parties will enter into a 50-50 co-development and co-promote in the U.S. and Alexion will receive exclusive rights to develop and commercialize subcutaneous elamipretide outside the U.S. In October, Stealth received an initial payment of $30 million from Alexion for an equity investment, an option fee and development funding, and is entitled to receive additional option-related and milestone-dependent payments upon option exercise. Stealth has retained rights to develop all other pipeline product candidates, including SBT-272, which is poised to enter Phase 1 by year-end.
- Presented new data from the open-label extension portion of the Phase 2/3 TAZPOWER trial at the American Society of Human Genetics (ASHG) 2019 Annual Meeting in Houston, Texas. Data from 10 patients with Barth syndrome on the open-label extension showed a statistically significant (p<0.05) increase in average cardiac stroke volume, a primary determinant of cardiac output and overall heart function, from baseline to week 36 of the open-label extension.
- Presented new preclinical data for SBT-272 at the 18th Annual Northeast Amyotrophic Lateral Sclerosis Consortium. Data from a mouse model of amyotrophic lateral sclerosis (ALS) demonstrated a statistically significant, dose-dependent delay in the onset of neurological symptoms as well as a reduction in neurofilament light chain, a systemic marker of neurodegeneration, and prolonged lifespan. SBT-272 is currently in pre-clinical development for treatment of ALS and other rare neurodegenerative diseases involving mitochondrial dysfunction and is expected to advance into Phase 1 by year-end.
Eugene Harris joined us after more than 10 years of experience in writing financial and business news, most recently as Investment Editor and writer. He also has a vast knowledge of stock trading. Eugene earned bachelor degree from Union College with a focus in Business Administration. Eugene is the Senior Editor and market movers section. He also holds an MBA from Penn State University He has two daughter and two children.
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