By Dean Seal
Shares of Acumen Pharmaceuticals Inc. were up 10% to $8.41 in premarket trading Monday after the company said regulators granted fast-track designation to its Alzheimer's disease treatment.
The U.S. Food and Drug Administration gave the designation to ACU193, a clinical-stage monoclonal antibody. Acumen is currently studying the drug in a Phase 1 trial examining safety and proof of mechanism.
The designation facilitates development and expedites the review of drugs that treat serious or life-threatening conditions and fill unmet medical needs.
Chief Executive Officer Daniel O'Connell said Acumen is encouraged by the designation and looks forward to further collaboration with the FDA.
The shares are up 13% so far this year.
Write to Dean Seal at firstname.lastname@example.org
(END) Dow Jones Newswires