Newron Pharmaceuticals SpA, an Italian developer of an experimental treatment for Parkinson’s disease, rose to the highest in almost six weeks after saying the drug succeeded in two clinical trials.
Newron climbed as much as 2.1 percent to 8.45 Swiss francs, the highest intraday price since Feb. 7, and was trading at 8.40 francs at 9:48 a.m. in Zurich. The stock was the seventh-biggest gainer in the 215-member Swiss Performance Index, which declined 0.3 percent.
The drug, safinamide, met its main goals of improving motor function as an add-on therapy in patients with Parkinson’s disease who were taking other drugs, Bresso, Italy-based Newron said in a statement today. The company’s partner, Zambon Company SpA, plans to apply for regulatory approval of the drug in Europe and the U.S. in the fourth quarter.
“Data presented at the American Academy of Neurology Annual Meeting confirm our case that Newron’s safinamide is a key and marketable asset,” Andrew Weiss, an analyst at Vontobel in Zurich, wrote in a note to customers today. “Cash within Newron should last until mid 2015.”