By Chris Wack
PaxMedica shares tripled to $8.52 after the company saw positive results from research exploring the potential of low-dose suramin for autism spectrum disorder.
The stock hit its 52-week low of $2.50 on Oct. 31, and is down 71% in the past 12 months.
The biopharmaceutical company said the 14-week study enrolled 52 boys aged 4 to 15 years with moderate to severe autism.
The primary focus of the study was to evaluate the efficacy and safety of suramin intravenous infusions, with the 10 mg/kg suramin arm demonstrating promising results in the improvement of core symptoms. The study revealed statistically significant improvements in the Clinical Global Impressions-Improvement scale among the 10mg/kg arm compared to the placebo group.
The company said the study serves as a significant advancement in understanding potential treatment options for autism.
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