Adamas soars as its Parkinson's drug comes through in Phase III

Adamas CEO Gregory Went

Adamas Pharmaceuticals' ($ADMS) lead drug met its main goals of reducing side effects related to Parkinson's disease treatment in a late-stage trial, the company said, clearing the way for an FDA submission.

The drug, ADS-5102, is designed to relieve involuntary muscle movements in patients receiving levodopa, a common therapy for Parkinson's. In a Phase III trial, once-daily ADS-5102 significantly improved patients' symptoms over placebo after 12 weeks, meeting its primary endpoint, and the effect remained through 24 weeks, Adamas said.

The top-line results sent Adamas' share price up roughly 50% on Wednesday morning, as the company laid out plans to meet with the FDA about a future regulatory submission for ADS-5102.

The drug is an extended-release version of the generic Parkinson's treatment amantadine, sold by Endo ($ENDP) as Symmetrel. Adamas pulled off a $48 million IPO last year based on the potential of ADS-5102 and the company's work with Forest Laboratories, now part of Allergan ($AGN), on a combination of the Alzheimer's disease treatments Namenda and Aricept.

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