Cyclerion Therapeutics Inc. (CYCN) shares surged 15.83% in after-hours on Thursday, July 22, 2021, and closed at $4.17 per share. Earlier, CYCN’s stock lost 2.44% in the morning session, to close Thursday’s session at $3.60. CYCN shares have fallen 6.01% over the last 12 months, and they have moved up 8.76% in the past week. Over the past three months, the stock has gained 29.50%, while over the past six months, it has shed 8.11%.
Let’s discuss its recent news and developments briefly.
Clinical trial design presentation of CY6463 at upcoming 2021 AAIC
On July 22, 2021, Cyclerion Therapeutics, Inc announced to present clinical trial design for a Phase 2a study of its lead development candidate, CY6463, in participants with Alzheimer’s disease with vascular pathology at the upcoming Alzheimer’s Association International Conference 2021 (AAIC). AAIC will be held July 26-30, 2021, virtually and in Denver, CO.
What is CY6463?
CY6463, an oral, first-in-class, central nervous system (CNS)-penetrant sGC stimulator, for neurological diseases associated with cognitive impairment, including Alzheimer’s disease with vascular pathology (ADv), Mitochondrial Encephalomyopathy, Lactic Acidosis and Stroke-like episodes (MELAS), as well as Cognitive Impairment Associated with Schizophrenia (CIAS) which Cyclerion is developing.
Cyclerion Therapeutics & Beacon Biosignals partnership
On July 8, 2021, Cyclerion Therapeutics, Inc and Beacon Biosignals announced an extended and expanded strategic partnership between the two companies. This collaboration is expected to identify disease-relevant biomarkers to refine patient selection and endpoints to guide the clinical development of Cyclerion’s investigational therapeutics for neurological diseases associated with cognitive impairment.
The licensing agreement with Akebia Therapeutics
On June 04, 2021, Cyclerion Therapeutics, Inc entered into an exclusive, global license agreement with Akebia Therapeutics, Inc for the development and commercialization of praliciguat, an oral sGC stimulator.
The total agreement value is up to $585 million and Cyclerion is eligible to receive up to $225M in pre-commercial milestones, including up to $15M in the first 18 months.
$18 Million Private Placement announcement
On June 04, 2021, Cyclerion Therapeutics, Inc announced a direct private sale of approximately $18 million of Cyclerion shares of common stock to EcoR1 Capital, LLC, Slate Path Capital LP, MFN Partners, LP, Invus, Peter Hecht, Ph.D., Lincoln Park Capital Fund, LLC and Polaris Partners.
Recent participation in the health conference
Cyclerion Therapeutics recently participated at the Jefferies Virtual Healthcare Conference which was held on Tuesday, June 1, 2021. The company’s management presented a corporate overview of the company.
Exceptional share purchased by Cyclerion CEO
On May 9, 2021, the news came to the market that the CEO & Director of Cyclerion, Peter Hecht recently bought a whopping US$1.7m worth of stock, at US$2.43, boosting their holding by 309%.
New Board member
On April 26, 2021, Cyclerion Therapeutics, Inc appointed Errol De Souza, Ph.D., to its board of directors.
Conclusion
The recent announcement about the clinical trial design presentation of CY6463 at the upcoming 2021 AAIC could be the reason behind its turnaround in the after-hours on Thursday.
