An old drug could give new life to Parkinson’s patients and this biopharma company is on fire after signing a letter of intent to acquire it.
This class of Parkinson’s drug could have substantial benefits over current treatments. Adhera Therapeutics, Inc. (OTCPK:ATRX) is a clinical stage biopharmaceutical company, The company signed a Letter of Intent with Melior Pharmaceuticals II, LLC to acquire MLR-1019 (armesocarb) from Melior Pharma 2. The drug is being developed as a new class of therapeutic for Parkinson’s disease is believed to be the only drug candidate today to address both movement and non-movement aspects of the disease.
The drug Armesocarb was previously sold in Europe for 37 years for Parkinson’s and was marketed for select psychiatric and central nervous system (CNS) indications until 2008. The Russian manufacturer then discontinued operations for business reasons unrelated to the compound itself. The companies believe the drug represents a significant opportunity to address a large gap in therapeutics for Parkinson’s.
Shares popped, jumping over 290% in late morning trade.