AMARANTUS BIOSCIENCE HOLDINGS, INC. (OTCBB:AMBS) gained the spotlight yesterday after it posted an update on the progress of the company’s pipeline and onward strategy. Further, the biotechnology firm said that it has submitted an application with the U.S. Food and Drug Administration (FDA) to begin Phase 2b program of eltoprazine, which is aimed to treat Parkinson’s disease.
Going Nasdaq way
The company’s President and CEO Gerald Commissiong posted a blog on the company’s website in order to detail out the company’s future plan of action. While the company specified a list of milestones targeted for the financial year, it also gave a hint of up listing on a national stock exchange. Commissiong informed the stakeholders that they have already submitted an application to attain listing on NASDAQ. He added that the company is working to achieve the initial listing standards as prescribed by NASDAQ. Commissiong said that the listing on NASDAQ goal was pushed from the second half of 2015 to now due to the acquisition of ESS-W. He said that the acquisition was surrounded by certain risks that demanded the company’s prioritized focus.
Application with FDA
Also, AMARANTUS BIOSCIENCE HOLDINGS, INC. (OTCBB:AMBS) updated about the progress it achieved with the FDA on initiation of Phase 2b trial of eltoprazine. The company anticipates that it will be able to commence the study comprising of 60-subject by the second quarter of 2015.
The drug is aimed to tread Parkinson’s disease levodopa-induced dyskinesia or (PD-LID), which is an involuntary and abnormal condition characterized by movement disorder. The disease stems from prolonged levodopa therapy, which is a common treatment for Parkinson’s disease. The company estimates that nearly 60-80% of Parkinson’s patients suffer from this condition. Dyskinesia leaves severe impact as it impedes a patient to undertake even routine daily functions.
Following the updates, the shares of AMARANTUS BIOSCIENCE HOLDINGS, INC. (OTCBB:AMBS) moved up by 17% to $0.0595, recording an average volume of 4.988 million.