Amylyx Acquires Avexitide from Eiger, Aims to Expand in Insulin-Related Diseases
Phase 2Phase 3Financial Statement
According to official documents released by the U.S. Securities and Exchange Commission (SEC), the pharmaceutical company Amylyx, headquartered in Cambridge, Massachusetts, successfully completed a transaction with Eiger last Friday. Under the signed agreement, Amylyx will fully take over the development, manufacturing, and commercialization rights related to the GLP-1 antagonist Avexitide. The positive impact of this transaction news has led to a 5% increase in the company's stock price, reaching a market capitalization of $126 million as of the time of writing. According to the company's latest financial report, Amylyx had $373.3 million in cash, equivalents, and short-term investments as of the first quarter of this year.
According to the Eiger company's official website, Avexitide is currently in Phase 2 clinical trials, primarily used to treat neonatal hypoglycemia and congenital hyperinsulinism. However, it is worth noting that this biotechnology company headquartered in Palo Alto, California, applied for bankruptcy protection in April of this year.
The mechanism of action of Avexitide is to antagonize the GLP-1 receptor, in order to counteract the effects of excessive GLP-1 secretion, which is different from the current mainstream strategies for weight loss and diabetes treatment. Amylyx has not yet disclosed the specific development plans for the indications of Avexitide.
Amylyx has already established a presence in the field of insulin-related diseases, with a Phase 2 candidate drug in development for the treatment of Wolfram syndrome. Wolfram syndrome is a genetic disease involving insulin-dependent diabetes mellitus that typically manifests in childhood and affects approximately 3,000 people in the United States. Apart from this, Amylyx's other clinical-stage projects are primarily focused on neurological or neurodegenerative diseases, including progressive supranuclear palsy, ALS (amyotrophic lateral sclerosis), and Alzheimer's disease.
At the same time, Amylyx stated that it will continue to pursue further research and development of the previously withdrawn ALS treatment drug Relyvrio and actively explore candidate drugs for other nervous system indications. On April 4th of this year, due to unsatisfactory results from the Phase III clinical trial, Amylyx announced that its drug Relyvrio will be withdrawn from the US and Canadian markets and that it plans to lay off 70% of its workforce.
In a large-scale Phase III clinical trial published earlier this year, Relyvrio did not show superior effects compared to placebo in improving participants' ALS Functional Rating Scale (a measure of respiratory, swallowing, and speech capabilities at 48 weeks). The drug also failed to significantly improve patients' reported quality of life, overall survival rate, and respiratory function. Prior to this, Relyvrio was priced at $158,000 per year. According to financial data, the drug's first-year sales reached $380 million. Regarding the upcoming withdrawal, Amylyx stated that if patients wish to continue treatment, they can contact their doctors to access the free drug program.
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