An experimental treatment for Alzheimer's disease is headed to the Food and Drug Administration for approval—despite the fact that it flunked a "futility analysis" and was abandoned by its maker just months ago.
In March, biotech company Biogen halted two Phase III clinical trials of the antibody drug aducanumab after the analysis of preliminary data suggested it was destined for failure. The decision to ditch the closely watched drug sent Biogen's future and stock into a tailspin. Shares fell more than 25% the day of the announcement, slashing about $18 billion from the company's market value, according to Bloomberg at the time.
But that March decision was based on data collected only through December 2018. Additional data from those intervening months kept rolling in—and it told a different story, according to Biogen.
Those who received higher doses of aducanumab "experienced significant benefits on measures of cognition and function such as memory, orientation, and language," the company reported. Those patients also saw benefits in daily activities, such as while they were managing their personal finances, cleaning, doing laundry, shopping, and traveling outside their homes.
In a statement, Biogen Chief Executive Officer Michel Vounatsos said:
With such a devastating disease that affects tens of millions worldwide, today's announcement is truly heartening in the fight against Alzheimer's. This is the result of groundbreaking research and is a testament to Biogen's steadfast determination to follow the science and do the right thing for patients. We are hopeful about the prospect of offering patients the first therapy to reduce the clinical decline of Alzheimer's disease and the potential implication of these results for similar approaches targeting amyloid beta.Biogen said it expects to submit the drug for FDA approval in early 2020. The news sent Biogen's stock soaring 42% early Tuesday, putting it back where it was before the March crash.