Acorda gains on US Army contract to advance spinal cord treatment
This article was originally published in Scrip
Shares of Acorda Therapeutics got a 3.4% boost on 24 January on word the company had snagged a $2.67 million research contract from the US Army Medical Research and Material Command (AMRMC) to support the development of the firm's AC105, a magnesium formulation under investigation as a treatment for acute spinal cord injury (SCI).
Shares of the Ardsley, New York-based biotech closed at $29.46 on 24 January, a gain of 92 cents, or 3.2%.
The AMRMC contract will help support a Phase II trial designed primarily to assess the safety and tolerability of AC105 in people with acute SCI, the company said, adding that it plans to open enrollment for the study in the first half of the year.
In preclinical testing, AC105 demonstrated neuroprotective properties and improvement of locomotor function in SCI when therapy was initiated within several hours of injury.
AC105 gained fast-track status from the FDA as a medicine to improve functional recovery for patients with acute SCI.
Acorda also expects to apply for FDA orphan drug designation for the acute treatment of SCI and plans to explore obtaining the designations in Europe and other parts of the world.
There currently are no FDA-approved therapies indicated to treat, mitigate or reverse SCI.
According to the National Spinal Cord Injury Statistical Center, about 270,000 people in the US currently are living with SCI, with about 12,000 new injuries reported annually, the majority of which are men and boys.
SCIs primarily affect young people, with 50-70% occurring between the ages of 15-35 years.
The costs of living with SCI can be considerable and can vary greatly with the severity of injury, Acorda said.
Long-term complications from SCI can include neurologic impairments in any body system controlled by the affected nerves. Average annual medical cost for an SCI patient ranges from $40,000-$178,000, depending on the extent of the injury, the firm said.