Concert Pharmaceuticals Inc (NASDAQ:CNCE) shares have been grinding to the downside over the past year, almost exactly, after topping up near $30/share in mid-December 2017. To further flesh out the story, the company announced to kick off this week that it has initiated its Phase 1 clinical program for CTP-692, which is being developed as a novel adjunctive treatment for schizophrenia, a devastating, chronic illness with significant unmet need.
According to the release, “CTP-692 is a deuterated form of D-serine, an endogenous co-agonist of the N-methyl-D-aspartate (NMDA) receptor, which has been demonstrated to be important to mood, memory, and cognition. Concert’s Phase 1 program will include a crossover pharmacokinetic comparison of CTP-692 to D-serine and single- and multiple-ascending dose studies to assess the safety, tolerability and pharmacokinetic profile of CTP-692 in healthy volunteers. Initial Phase 1 data are expected in the first quarter of 2019.”
Concert Pharmaceuticals Inc (NASDAQ:CNCE) trumpets itself as a clinical-stage biopharmaceutical company.
The company discovers and develops novel small molecule drugs for use in the treatment of various pulmonary diseases, including autoimmune and inflammatory diseases, and central nervous systems disorders.
Its product candidates include AVP-786, a combination of deudextromethorphan and an ultra-low dose of quinidine, which is in Phase 3 clinical trials for the treatment of neurologic and psychiatric disorders, including agitation associated with Alzheimer’s disease; CTP-730, a deuterated analog of apremilast that has completed the Phase 1 clinical trials for the treatment of inflammation or cancer; JZP-386, which has completed the Phase 1 clinical trials for the treatment of patients with narcolepsy; and CTP-543, which is in Phase 1 clinical trials for use in the treatment of alopecia areata.
The company is also developing CTP-692, a selective deuterium-modified analog of the endogenous amino acid, D-serine, which is in preclinical studies for use in the treatment of patients with schizophrenia.
It has strategic collaborations with Celgene Pharmaceuticals, Inc.; Celgene International Sarl; Celgene Corporation; Avanir Pharmaceuticals, Inc.; and Jazz Pharmaceuticals, Inc. The company was founded in 2006 and is headquartered in Lexington, Massachusetts.
As we discussed earlier, CNCE recently announced that it has initiated its Phase 1 clinical program for CTP-692, which is being developed as a novel adjunctive treatment for schizophrenia, a devastating, chronic illness with significant unmet need.
Even in light of this news, CNCE hasn’t really done much of anything over the past week, with shares logging no net movement over that period.
“Significant unmet need still exists to improve upon the existing standard-of-care in schizophrenia and we believe CTP-692 has the potential to act on a key mechanism not addressed today with currently available agents. By enhancing NMDA receptor activity, CTP-692 offers the promise of improved clinical outcomes for patients with schizophrenia,” said James Cassella, Ph.D., Chief Development Officer of Concert Pharmaceuticals. “We plan to advance CTP-692 through Phase 1 and then into a single Phase 2 efficacy trial in patients with inadequately controlled symptoms of schizophrenia in 2019.”
Concert Pharmaceuticals Inc (NASDAQ:CNCE) generated sales of $11K, according to information released in the company’s most recent quarterly financial report. That adds up to a sequential quarter-over-quarter growth rate of 450% on the top line.
In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($177.6M against $7.3M).