DRUG - Bright Minds stock rallies ahead of conference call to discuss Phase 1 data

2023-08-08 13:46:38 ET

Shares of psychiatric drug developer Bright Minds Biosciences ( NASDAQ: DRUG ) rallied as much as 100% Tuesday ahead of a schedule conference call with investors to discuss Phase 1 results for its lead drug candidate BMB-101.

Bright Minds shares opened at $5.32, later hitting a high of $6.44, a 100% gain over Monday's closing price of $3.22. The stock recently sold for $4.39, up 36%, at around 1:15 p.m. ET.

The Canadian drug developer said Tuesday morning that data from the Quantitative Electroencephalogram, or qEEG, portion of a Phase 1 study for BMB-101 has established proof of mechanism and target engagement in the brain for the drug. Bright Minds is developing the product for the treatment of refractory epilepsies and indications such as psychosis, addiction and impulse control.

Based on the data, the company said it considers BMB-101 to be ready to advance into Phase 2 testing.

Bright Minds plans to hold a webcast with investors at 4:30 p.m. ET Tuesday to discuss the results. The company released topline data from the study on July 20.

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