Actinogen (ASX:ACW) has reported success in using its novel antidepressant Xanamem to mitigate the symptoms of major depression based on a daily 10mg dose.
Shares in the microcap stock soared 30% to 3.1cps on a volume of 15M+ shares in the first half hour of trade, according to The Market Online data.
Xanamem, unlike other mainstream antidepressants which seek to alter serotonin and dopamine, has a novel way of operating – it simply blocks cortisol.
Cortisol is well known as ‘the stress hormone,’ given it peaks in blood when patients are undergoing stress. The hormones have also been found, in some studies, to be elevated in the blood of depressed patients.
The company has also investigated the drug in Alzheimer’s patients based on suspicions cortisol can affect brain structure, affecting memory. Actinogen acquired the compound in 2014 after it was created at the University of Edinburgh.
Actinogen reported on Monday that Xanamem showed a “consistent benefit of treatment of symptoms … in a variety of different endpoints.”
“The consistent benefits observed support the conclusion that a 10 mg Xanamem dose is clinically active in controlling brain cortisol and has clinically significant anti-depressant activity.”
The company reported “positive effects” were observed in five of six pre-specified subgroups. The company believes four weeks of taking 10mg Xanamem is enough to achieve a “durable therapeutic effect.”
Actinogen CEO Dr. Steven Gourlay noted a synergy between the company’s depression research and that into Alzheimer’s.
“This trial confirms our conclusion that a 10 mg daily dose of Xanamem is clinically active in the brain … while the anti-depressant market is competitive, Xanamem’s safety profile stands it apart,” Gourlay said.
“Anti-depressant activity would also be a beneficial feature of Xanamem treatment for Alzheimer’s disease, where depressive symptoms often occur.”
Gourlay added the main focus at Actinogen remains upcoming Alzheimer’s studies.
ACW last traded at 2.4cps.