The Antisense Therapeutics Limited (ASX: ANP) share price is moving higher today. This upwards movement comes amid the company's annual general meeting (AGM). Usually, these events are not considered to be price-sensitive. However, the biotech's AGM was tagged as a price-sensitive market announcement today.
In afternoon trade, shares in the biotechnology company are up 5.56% to 19 cents. Despite the gain, shareholders are still nearly 46% away from the 52-week high set in October.
Let's take a closer look at what could be driving the Antisense share price higher today.
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What has Antisense been up to?
Investors are bidding up the Antisense share price today as they are reminded of what the company has been doing in recent times.
As per the AGM presentation, the company's key focus remains developing ATL1102. Antisense informed shareholders of its United States regulatory plans today. As already known, the company has submitted its protocol synopsis to the US Food and Drug Administration (FDA) for a 9-month chronic monkey toxicology study.
Furthermore, the company highlighted it could be in a position to receive a rare pediatric disease priority review voucher (PRV). In order to land the PRV, Antisense will need to get FDA approval for ATL1102 in use for people with Duchenne Muscular Dystrophy before 30 September 2026.
Notably, in the past (2017 to 2021) PRVs have sold for between US$80 million to US$150 million. Such a deal would be significant for the company considering its annual revenue has been sub-$1 million since 2017.
In addition, the Antisense share price might be finding strength today as the company emphasises its ambition to expand the clinical application of ATL1102 beyond DMD.
Lastly, Antisense shareholders may be pleased with the company's current financial position. Thanks to a recent $20 million placement, Antisense is funded into the second half of the 2023 calendar year. This includes costs associated with setting up the Phase IIb/III DMD trial in Europe.
Antisense share price recap
Despite losses widening to about $8 million in the past financial year, the Antisense share price has performed strongly in 2021.
Since January, the company's shares have gained 35.7% in value. For context, the S&P/ASX 200 Index (ASX: XJO) is up 9.7% over the same time span.
