AB Science: share collapses on negative opinion in Canada

(CercleFinance.com) - AB Science shares fell sharply on the Paris Bourse on Tuesday), hit by a negative opinion from the Canadian Medicines Agency on the use of masitinib in the treatment of amyotrophic lateral sclerosis (ALS).


The stock, which lost up to 34% at the start of the session, is currently down 31% in volumes that are already over seven times that observed on average over the last four sessions.

Its market capitalisation now stands at just 117 million euros.

The biotech company last night announced that Health Canada had issued a notice of non-compliance concerning the submission file for masitinib in the treatment of ALS.

In a press release, AB Science states that it intends to submit a request for reconsideration, a procedure likely to take up to six months.

As a reminder, AB Science had published results that seemed to demonstrate a significant benefit for ALS patients, analysts at Invest Securities point out.

Indeed, results obtained in patients before any total functional loss showed a statistically significant relative benefit of +18.4% in favor of masitinib on the CAFS (Combined Assessment of Function and Survival) criterion, the broker notes.

This disappointment comes just a few days after the CHMP of the European Medicines Agency (EMA) issued a positive opinion on the marketing application for Biogen's Qalsody for the treatment of ALS.

ALS - or Charcot's disease - is a common neurodegenerative disease that mainly affects people over 55, leading to progressive paralysis and respiratory failure, and death within a few years.


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