Business
Cognition Therapeutics Reports First Quarter 2023 Financial Results and Provides Business Update
Completed enrollment for Phase 2 SEQUEL trial in mild-to-moderate Alzheimer’s disease (AD); topline results expected 2Q 2023 SHINE (AD) trial currently
About this update from Cognition Therapeutics, Inc.
[{"type":"text","content":"Completed enrollment for Phase 2 SEQUEL trial in mild-to-moderate Alzheimer’s disease (AD); topline results expected 2Q 2023 SHINE (AD) trial currently enrolling patients with first patient in Spain enrolled. Expect full enrollment by end of 2023 Received FDA clearance to proceed with 540-patient Phase 2 START study of CT1812 in patients with early AD IND cleared by FDA for Phase 2 MAGNIFY trial for geographic atrophy and dry age-related macular degeneration (dry AMD) with CT1812 Magnify trial in dry AMD set to initiate sites and enroll patients PURCHASE, N.Y., May 04, 2023 (GLOBE NEWSWIRE) -- Cognition Therapeutics, Inc. (Nasdaq: CGTX), a clinical-stage neuroscience company developing drugs that treat neurodegenerative disorders by regulating cellular damage response pathways (the “Company” or “Cognition”), today reported financial results for the first quarter ended March 31, 2023 and provided recent business updates. “Building off our accomplishments in 2022, the first quarter of 2023 was filled with events that positively affect all pillars of our business and validate our operational strategy,” commented Lisa Ricciardi, president and CEO of Cognition Therapeutics. “We completed enrollment for our SEQUEL study to evaluate the impact of CT1812 on cortical brain wave activity measured via quantitative electroencephalogram (qEEG), and we anticipate a data readout in the second quarter of 2023. From a regulatory perspective, we received clearance from the FDA to move forward with two Phase 2 trials: START and MAGNIFY, which will investigate the potential of our oral drug candidate CT1812 in Alzheimer’s disease and geographic atrophy (GA) secondary to dry AMD, respectively. In addition, we also executed a committed share purchase agreement of up to $35.0 million with Lincoln Park Capital that will provide us with access to capital and continued liquidity,” added Lisa Ricciardi. “The next 18 months are critical for Cognition with several clinical milestones and data readouts anticipated. We are fully dedicated to moving our pipeline forward by continuing to advance our trials for CT1812, with the goal and bringing disease altering treatments to patients and generating value for shareholders,” concluded Ms. Ricciardi. Financial Highlights Executed committed equity agreement of up to $35.0 million with Lincoln Park CapitalATM progra...