PURCHASE, N.Y. - Cognition Therapeutics, Inc. (NASDAQ: CGTX), a clinical-stage pharmaceutical company, announced today results from its Phase 2 SHINE study, indicating that its CT1812 treatment showed approximately a 40% mean improvement in cognitive measures compared to a placebo in individuals with mild-to-moderate Alzheimer's disease.
The study revealed consistent positive changes across various cognitive and functional measures, with the most notable improvements observed in the ADAS-Cog 11 and MMSE tests. The treatment was associated with a favorable safety profile, with most adverse events being mild or moderate.
Participants in the SHINE trial, which included 153 adults with Alzheimer's disease, were administered either one of two oral doses of CT1812 or a placebo over six months. The 100mg dose cohort, in particular, demonstrated evidence of clinical improvements in cognition.
President and CEO of Cognition Therapeutics, Lisa Ricciardi, expressed optimism about the results, comparing the cognitive improvements to those achieved with approved antibodies for Alzheimer's disease. The company believes that amyloid oligomer antagonism, the mechanism by which CT1812 operates, could be effective as a monotherapy or combined with other approved drugs for treating Alzheimer's and related dementias.
Moreover, Cognition Therapeutics plans to use these findings to inform future clinical trials and is anticipating the results of its SHIMMER trial in Lewy body dementia later this year. The company is also conducting a trial in early-stage Alzheimer's disease and enrolling patients for a study in dry age-related macular degeneration.
The SHINE study was supported by two grant awards from the National Institute on Aging of the National Institutes of Health (NIH) totaling approximately $30 million.
InvestingPro Insights
As Cognition Therapeutics, Inc. (NASDAQ: CGTX) shares promising results from its Phase 2 SHINE study on Alzheimer's treatment, investors may find the company's financial health and market performance data insightful. According to InvestingPro, CGTX has demonstrated a significant return over the last week with a 26.06% price total return, and even more impressively, a 42.77% return over the last month. This uptick in market performance could be a reflection of investor optimism following the clinical advancements reported by the company.
However, it's important to note that CGTX is quickly burning through cash, which is a critical factor for a clinical-stage pharmaceutical company that relies heavily on capital to fund its research and development efforts. The company's operating income, adjusted for the last twelve months as of Q1 2024, stands at a loss of -55.85M USD, highlighting the financial challenges it faces in its path to potentially bringing new treatments to market.
Despite these challenges, CGTX holds more cash than debt on its balance sheet, which could provide some financial stability as it continues to invest in clinical trials. This information, along with other InvestingPro Tips such as the company's weak gross profit margins and the expectation that net income will drop this year, is crucial for investors to consider.
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