Stealth BioTherapeutics Corp (NASDAQ:MITO) made a major announcement today regarding elamipretide, which resulted in a highly impressive rally in MITO stock this morning. A natural history study of elamipretide has revealed that subcutaneous injections of it can prove to be an effective treatment for people suffering from Barth syndrome.
The company conducted a TAZPOWER study, and in conjunction with the open-label extension, it has been revealed that elamipretide had a positive effect on those who had been treated for more than a year. The subjects in question showed improvements in excess of 80 meters in a test consisting of a six-minute walk.
The Chief Executive Officer of the company, Reenie McCarthy, said of the developments: “We are grateful to have access to such recent and carefully collected natural history data to serve as a control for our TAZPOWER open-label extension.”
After the news emerged today, investors flocked to MITO stock, which soared by as much as 29% this morning. MITO stock will, no doubt, be on the radars of investors for the rest of the week.
The patients who were treated with elamipretide also displayed significant improvement in their muscle strength and in ‘sit to stand’ evaluations. However, investors should note that in the 12th week of the year-long study, TAZPOWER failed to reach its primary endpoint.
Elamipretide has received a fast track designation from the United States Food and Drug Administration, which also awarded the candidate its orphan drug status in the United States. That is a significant development in itself. The company’s CEO added that Stealth BioTherapeutics is going to meet the United States Food and Drug Administration later on this quarter.
Despite today’s rally, MITO stock is still down almost 80% since mid-December.
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