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Didn't I bash Transition Therapeutics before? These micro cap biotechs all start looking alike when they have only one or two drugs in the works and a boatload of cash they're burning through. Transition recognized a one-time payment from Elan this quarter and turned in a profit which shocked investors. I'd hardly call that anything more than a one-day move. Somehow it has turned into a circus act, shooting the stock up over 100% in the past month. This is the same TTHI that has made its company's mission to burn cash and disappoint shareholders for as long as it can siphon money from partners and secondary offerings. It even commented today that it had no idea why it's stock was even up as much as it was. Way to go uninformed daytraders...way to go!TMFUltraLong
You're right Ultralong here's a press release from their website about their only product in clinical trials.
"Elan Corporation, plc (NYSE: ELN - News) and Transition Therapeutics, Inc (TSX: TTH, NASDAQ:TTHI) today announced the results of a Phase 2 placebo-controlled study in 351 patients with mild to moderate Alzheimer's disease who received study drug for up to 18 months (Study AD201). Study subjects with MMSE scores between 16 and 26 received ELND005 oral doses of 250 mg, 1000 mg or 2000 mg twice daily or matching placebo. The study's cognitive (NTB) and functional (ADCS-ADL) co-primary endpoints did not achieve statistical significance."
Elan is just their partner for this project, which is doing poorly. DID NOT Achieve Statistical Significance is a vital comment in their press release. It's a paper boat.