Actinogen Medical is an ASX-listed Australian biotech developing lead asset Xanamem, a specific 11beta-HSD1 inhibitor designed to treat cognitive impairment that occurs in chronic neurological and metabolic diseases.
Actinogen announced in May 2019 the initial results from its Phase II clinical trial of Xanamem in patients with mild dementia due to Alzheimer’s disease (AD). The safety of the drug was confirmed and the data showed Xanamem was inhibiting cortisol production, as demonstrated by the expected increase in adrenocorticotropic hormone. However, the 10mg dose of Xanamem was not effective in demonstrating statistical significance on any of the efficacy endpoints. Actinogen indicated it will analyse the data and make a decision on future steps once all analyses are complete and once the results from other supporting trials are available. Specifically, the company indicated that a higher dose and/or longer treatment could potentially be a way forward, given the drug appears safe and pharmacologically active. Our forecasts and valuation are under review.
The unmet need in AD is vast and the size of the market has attracted interest from almost every player in CNS drug R&D over the past 30 years with very limited success so far. With so many late-stage failures, we believe, that ‘non-mainstream’ technologies, like Xanamem, may attract renewed interest from potential partners.