The number of people in the
United States living with Alzheimer's, the most common form of dementia, is
expected to triple to nearly 14 million by 2050 without effective treatments.
Biogen Inc said on Wednesday it submitted an application seeking US approval of its closely watched Alzheimer's drug, as the company aims to be the first to bring a treatment to market that can alter the course of the mind-wasting disease.
Biogen shares were up
nearly 5 per cent at $281.34 in afternoon trading on the Nasdaq.
The number of people in the
United States living with Alzheimer's, the most common form of dementia, is
expected to triple to nearly 14 million by 2050 without effective treatments,
according to the US Centers for Disease Control and Prevention.
If approved, Biogen's
aducanumab would be the first treatment designed to delay progression of the
fatal, memory-robbing disease.
The drug has had a
tumultuous journey, with promising early data raising hopes and Biogen's share
price, only to be dashed by disappointment in later trials. Biogen
in October revived plans to seek approval for aducanumab based on a detailed
analysis of what had seemed like less than compelling data, months after
scrapping its development.
The biotech company said
its analysis showed patient improvements in memory and other measures of
cognition and ability to function. Some experts have expressed skepticism over
Biogen's interpretation of the data and called for another large trial that
could take several years to complete.
Wall Street analysts have
been betting on aducanumab to restore Biogen's growth prospects following a
successful patent challenge to its top-selling multiple sclerosis drug
Tecfidera and with looming competition for its high-priced gene therapy
Spinraza weighing on its shares.
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