Aliso Viejo-based Avanir Pharmaceuticals Inc.’s shares rose on positive clinical trial results for a potential Alzheimer’s disease treatment.
The drugmaker’s shares shot up 75% early last week to a market value of about $2 billion but fell sharply later and were down about 15% from their Sept. 15 price, with a $1.8 billion market value.
Avanir said in a news release that a second-phase clinical trial for its AVP-923 drug candidate showed significantly reduced agitation in Alzheimer’s patients who received the drug.
AVP-923 is also known as Nuedexta and is Avanir’s primary drug. Nuedexta is used to treat psuedobulbar affect, a disorder that results in uncontrollable laughing or crying.
