The Alterity Therapeutics Ltd (ASX: ATH) share price is soaring today, up by more than 20% at the time of writing. The Alterity share price is currently trading at 4.7 cents a share.
Alterity Therapeutics is an Australian biotechnology company that focuses on commercialising research into Parkinsonian movement disorders, Alzheimer's disease, Huntington disease, and other neurodegenerative disorders.
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Michael J Fox Foundation puts up funding, Alterity share price soars
Alterity Therapeutics announced today that the company has been awarded a US$495,000 research grant from The Michael J. Fox Foundation for Parkinson's Research.
The funding will be put toward determining the optimal dosing of ATH434 for Parkinson's disease (PD) based on imaging of brain iron.
After Alzheimer's disease, PD is the second most common age-related neurodegenerative disorder. It occurs when brain cells that make dopamine degenerate and ultimately die.
ATH434 is Alterity Therapeutics' lead drug candidate for the treatment of PD. It's considered the first of a new generation of small molecules designed to inhibit the aggregation of pathological proteins implicated in neurodegeneration.
This is the second grant the company has received from The Michael J. Fox Foundation to continue its ATH434 research.
Highlights from the Alterity Therapeutics Q2 FY21 report
In addition to today's news, Alterity Therapeutics released its second-quarter FY21 report on 28 January 2021.
Following a successful $35 million placement, Alterity advised that the company will continue to progress the Phase 2 clinical development program for ATH434.
Some of the big institutional Alterity Therapeutics shareholders include UBS AG, Australia, Merrill Lynch International Limited, and Credit Suisse AG.
Discussing Q2 FY21 achievements, the company's new CEO Dr David Stamler said:
We've made important progress throughout the quarter with our commercialisation program for ATH434, including the initiation of our MSA natural history study and growing scientific validation of our library of compounds. I look forward to evaluating new opportunities for PBT2 in the important area of antibiotic resistance. We are well capitalized to continue to advance the company in the coming year.
Geoffrey Kempler, who founded the company in November 1997, stepped down from the CEO role and continues as non-executive chair.
The Alterity share price has powered up roughly 116% over the previous 12-month period.
