One of the best performers on the ASX today is the Alterity Therapeutics Ltd (ASX: ATH) share price. Driving the meteoric rise, the biotech company announced positive results for its lead compound, ATH434.
At the time of writing, Alterity shares are swapping hands for 4.25 cents apiece, up 41.67%.
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What does Alterity do?
Alterity is an Australian biotech company focused on commercialising research into neurodegenerative disorders. These include Parkinsonian movement disorders, Alzheimer's disease, Huntington disease and others.
The company's lead candidate ATH434 is currently in development. It aims to block the aggregation of pathological proteins that cause brain degeneration. Current remedies include medications and lifestyle choices to manage symptoms, but there is no treatment to cure the disease.
What were the results?
Investors are pushing Alterity shares higher following the release of its oral presentation at the virtual American Academy of Neurology.
According to Alterity's update, its ATH434 compound has shown promising data for the treatment of Parkinsonian disorders.
The company highlighted the data obtained from the study strengthened evidence in ATH434 protecting brain cells and improving motor function. In a particular task, ATH434 advanced motor performance when assessing coordination and balance in animals. While findings are still new, the company stated that the important data provides the opportunity for future clinical development.
In addition, researchers also found a reduction in glial cell inclusions which is a pathological feature of Multiple System Atrophy (MSA).
Regarding the finding, Alterity CEO Dr David Stamler said, "These new data are very encouraging and provide a strong rationale for the disease-modifying potential of ATH434."
About the Alterity share price
Since the sharp and short-lived increase to 41 cents at the start of July last year, the Alterity share price has largely moved sideways. Over the last 6 months, the company's shares have mostly traded at or below the 5-cent mark.
Alterity has a market capitalisation of roughly $77 million, with a tad over 2 billion shares on issue.
