(CercleFinance.com) – AB Science fell sharply on the Paris Stock Exchange on Tuesday, the stock suffering from a negative opinion from the Canadian Medicines Agency on the use of masitinib in the treatment of amyotrophic lateral sclerosis (ALS).
The stock, which lost up to 34% at the very start of the session, is currently showing a loss of almost 30% in a volume already representing more than seven times that observed on average over the last four sessions.
Its market capitalization fell to only 117 million euros.
The biotechnology company announced last night that Health Canada had issued a notice of non-compliance regarding the submission of masitinib in the treatment of ALS.
In a press release, AB Science indicates that it intends to submit a request for reconsideration, a procedure likely to last up to six months.
‘As a reminder, AB Science had published results which seemed to demonstrate a significant benefit for ALS patients’, underline Invest Securities analysts.
‘Indeed, the results obtained in patients before any total functional loss showed on the CAFS (Combined Assessment of Function and Survival) criterion a statistically significant relative benefit of +18.4% in favor of masitinib’, notes the office of studies.
This disappointment comes just days after the positive opinion delivered by the CHMP of the European Medicines Agency (EMA) concerning the marketing application for Qalsody from Biogen for the treatment of ALS.
ALS – or Charcot’s disease – is a common neurodegenerative disease which mainly affects those over 55, causing progressive paralysis and respiratory failure leading to death within a few years.
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