Shares of drug maker Memory Pharmaceuticals Corp. (NASDAQ: MEMY), skyrocketed on Monday, after the company announced it had has completed enrollment for Phase IIa trials of its Alzheimerâ€™s treatment on Thursday. The market was closed on Friday.
Shares of the Montvale, N.J.-based firm rose 78 cents, or 47.9 percent, to $2.41 in late afternoon trading on the Nasdaq Stock Market.
The firm said its MEM 1003 drug will enter a multi-center, randomized, double-blind, placebo-controlled study to evaluate the safety and efficacy of the drug in approximately 180 people.
Completion of enrollment in this trial is a key milestone in our Alzheimer's disease programs, said Stephen R. Murray, Vice President of Clinical Development at Memory Pharmaceuticals.
The firm's drug is a calcium modulator that that the firm believes may be able to help Alzheimer's patients. By blocking L-type calcium channels, MEM 1003 may regulate the flow of calcium and reestablish normal levels of calcium, which may help treat and prevent the onset of Alzheimer's disease.