Avenue Therapeutics Reports Positive Progress in Pipeline of Innovative CNS Treatments
Avenue Therapeutics, Inc (NASDAQ:ATXI), a specialty pharmaceutical company focused on the development and commercialization of therapies for the treatment of neurologic diseases, has reported financial results and recent corporate highlights for the third quarter ended September 30, 2023.
The company’s lead product candidate, AJ201, for the treatment of spinal and bulbar muscular atrophy (“SBMA”), is currently in a Phase 1b2a clinical trial. Enrollment for this trial is progressing on-track, with initial clinical results expected in the second quarter of 2024. Additionally, the company has reached alignment with the US Food and Drug Administration (“FDA”) on the key aspects of the Phase 3 safety study design for IV tramadol, a potential treatment for acute post-operative pain.
Avenue has also presented promising preclinical results for BAER-101, a selective GABA-A α2,3 positive allosteric modulator, at the American Epilepsy Society (AES) Annual Meeting. This drug has shown significant suppression of seizures in a translational animal model of absence epilepsy.
In addition to these advancements, Avenue has successfully raised $5 million in gross proceeds from a public equity offering, strengthening its balance sheet and allowing for continued progress in its clinical and corporate endeavors.
Avenue’s Chief Executive Officer, Alexandra MacLean, M.D., stated, “We are pleased with the progress we have made in our pipeline of innovative CNS treatments. Our mission is to provide impactful therapies to patients suffering from neurologic diseases, and we are committed to delivering near-term value for our shareholders.”
