ASX biotech stock Argenica Therapeutics Ltd (ASX: AGN) is off to the races today.
Shares in the biotechnology company closed yesterday trading at 41 cents and are currently swapping hands for 52 cents apiece, up 28.4%.
Here's what's piquing ASX investor interest today.
What did the ASX biotech stock report?
Argenica Therapeutics shares are rocketing after the ASX biotech stock reported promising results with its lead neuroprotective peptide candidate, ARG-007, in an in vitro preclinical study.
According to the company's release, the preclinical results indicated ARG-007 "significantly inhibits the aggregation of human recombinant Amyloid-Beta (Abeta) in a cell-free Abeta aggregation assay model".
That could prove to be great news for patients suffering from Alzheimer's Disease, which accounts for 60% to 70% of all cases of dementia. Abeta aggregation is believed to be one of the main causes of Alzheimer's, with the Abeta accumulation in senile plaques causing memory loss and confusion.
Argenica reported that Abeta aggregation was reduced by more than 50% compared to vehicle controls 16 hours following a 25 µM dose of ARG-007.
Commenting on the results sending the ASX biotech stock soaring today, Argenica managing director Liz Dallimore said:
This is extremely encouraging data showing a potential new indication for ARG-007. It is well recognised that Abeta aggregation in the brain plays a key role in initiating Alzheimer's Disease, and therefore a safe therapeutic drug that can reduce Abeta aggregation is a huge opportunity.
We look forward to continuing to progress this exciting opportunity into further animal studies.
Argenica noted that the global Alzheimer's Disease therapeutics market size was valued at some US$4 billion in 2021. That's expected to increase at a compound annual growth rate (CAGR) of 16.2% from 2022 to 2030.
Argenica Therapeutics share price snapshot
Today's big leap has put the Argenica Therapeutics share price back in the green for 2023, up 16%. As you can see in the chart below, the ASX biotech stock remains down 28% over the past 12 months.
