Boston, MA 07/19/2013 (wallstreetpr) – Transition Therapeutics Inc (NASDAQ:TTHI) has made an announcement that US Food and Drug Administration has granted the Fast Track Designation to the development of the drug, ELND005 for the treatment of Neuropsychiatric Symptoms in Alzheimer’s disease. It was concluded by FDA that this development program for the treatment of Neuropsychiatric Symptoms meets the criteria for fast track designation. Elan Corporation plc, which is the licensing partner of Transition Therapeutics, will take the responsibility for all the development, commercialization and costs for this program.
Following the news that the fast track designation has been granted to the development of ELND005 by FDA, the stock of Transition Therapeutics was lifted by 25% to the value of $3.77. During the last trading session, the stock of Transition Therapeutics decreased by -2.27% resulting in the closing price of $3.01. The overall trading volume of the company during the last trading session was 150,637 shares. The company’s 52 week range was between $1.78 and $3.84 while the total market capitalization was remaining at $ 81.03 million.
Transition Therapeutics Inc was one among the most followed companies on Thursday along with Shoppers, West Fraser, Mawson Resources, Fluorspar, Western Zagros and Deal Net Capital. Transition Therapeutics surged by 41% to the price of C$4.40 which was found to be the highest in over 2 years. At present, Transition Therapeutics is trading at $ 15.85 with 80.73% up.
Transition Therapeutics is a biopharmaceutical company, which is found to be developing various novel treatments for diseases with large markets. The company’s major drug candidate is ELND005 for the treatment of Alzheimer’s disease and bipolar disorder. ELND005 is a small orally bio-available molecule which is being tested for multiple neuropsychiatric indications based on the proposed dual mechanism of action including b-amyloid anti-aggregation and brain myo-inositol levels regulation.
