2023-07-28 13:22:08 ET
Larimar Therapeutics ( NASDAQ: LRMR ), which has a candidate in phase 2 for Friedreich's Ataxia ("FA"), is up 22% in Friday afternoon trading, a beneficiary of Biogen's ( BIIB ) announcement to acquire Reata Pharmaceuticals ( RETA ) for more than $7B.
Reata ( RETA ) won US FDA approval in February of Skyclarys (omaveloxolone) , the first ever treatment for the rare movement disorder.
Skyclarys is expected to launch in mid-August.
Larimar's ( LRMR ) CTI-1601's is a recombinant fusion protein designed to deliver human frataxin into the mitochondria of FA patients. Phase 2 data on the candidate is expected in 2024 .
Design Therapeutics ( NASDAQ: DSGN ) is up 9% . Its FA candidate, DT-216, is in phase 1 and is designed to restore the production of functional natural frataxian proteins to therapeutic levels.
Praxis Precision Medicines ( NASDAQ: PRAX ), which has ulixacaltamide in phase 2 for essential tremor and Parkinson's disease, is up 6% . In June, the company highlighted plans for a phase 3 program of the drug in essential tremor .
PTC Therapeutics ( NASDAQ: PTCT ) is up 5% . It too has a FA candidate, vatiquinone, though in May it failed to meet the primary endpoint in a phase 3 trial .
More on movement disorder treatments
Larimar up 8% on FDA OK for Friedreich's ataxia drug trial
Reata: FDA Approval Of SKYCLARYS Isn't Only Driver Moving Forward
Praxis Precision Medicines: Long List Of Failures And Mixed Data
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Larimar, Design higher as they benefit from Biogen deal for Reata