- Synaptogenix (NASDAQ:SNPX), an ultramicrocap with a market cap of just $24.4M, is down 5.6% following the approval of Biogen's (NASDAQ:BIIB) Aduhelm (aducanumab).
- Shares earlier in the day were up by more than 10%.
- The company's lead compound, bryostatin, is in phase 2 for moderately severe to severe Alzheimer's.
- Synaptogenix issued a statement today on the approval, noting that bryostatin works differently from aducanumab by actual restoration of function and disease reversal, rather than slowing the rate of clinical decline.
- In addition, the company says its candidate is believed to work by the regeneration of brain wiring known as synaptic networks, as well as reduction in amyloid plaques.