Monday, 25 July 2011

Biotie's SYN-120 enters Phase I trial

Biotie Therapies Corp (OMXH: BTH1V) announced that the company will start a Phase 1 clinical study with SYN120, a potential treatment cognitive disorders such as Alzheimers disease and schizophrenia. The stock opened up 6% and is now up by 4% at 51 cents a share 15 minutes into today's session.

SYN120 is orally administrated antagonist of 5-Ht6 receptors originally discovered at Roche, which has an opt-in right after the imaging study is completed. The study, which will be conducted at Hopkins University School of Medicine in healthy volunteers, will use PET imaging to investigate brain concentrations of the compound.

This news alone does not such an advance warrant, but the stock has been beaten down after the much expected news regarding the completion of the company’s flagship product Nalmefene for alcohol dependence came out last month, so traders had been waiting to get back in for some short-term action.

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