Shares of Alzamend Neuro, Inc. (ALZN) are gaining over 82% on Thursday morning after the company announced dosing of first patient in its phase II clinical trial of AL001.
ALZN is currently trading at $6.06, up $2.74 or 82.53%, on a huge volume of 41 million shares, above average volume of 131 thousand, on the Nasdaq. The stock opened its trading at $7.79 after closing Wednesday at $3.32. The stock has traded between $3.06 and $135.54 in the past 52-week period.
Alzamend Neuro, a clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer's disease, bipolar disorder, major depressive disorder and post-traumatic stress disorder, announced the dosing of the first patient of its first Phase II clinical study of AL001, in healthy human subjects.
The study follows the successful development of a novel head coil by Tesla Dynamic Coils BV, a key component of the clinical trial.
In collaboration with Massachusetts General Hospital as its clinical trial site, Alzamend aims to explore the unique properties of AL001 and its potential to deliver lithium more effectively in the brain compared to marketed lithium salts.
The study in healthy human subjects will serve as a baseline and assist Alzamend determine the best path forward in Alzheimer's, BD, MDD and PTSD patients by demonstrating AL001's targeted effectiveness and reduced systemic side effects. Previous studies in mice have shown that AL001 ensures better brain absorption while maintaining lower levels of lithium in the blood, paving the way for safer and more efficient treatments.
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