Why Bright Minds Biosciences Stock Topped the Market on Monday
Key Points
Days after starting a new investigational program, it announced four appointments to its scientific advisory board.
All of these professionals are experts in the affliction being targeted.
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Bright Minds Biosciences (NASDAQ: DRUG) is strengthening the team behind its latest investigational drug program, and investors expressed cautious optimism with the move. They pushed the clinical-stage biotech's shares up marginally (0.2%), on a Monday when the S&P 500 index dipped into the red with a 0.9% decrease.
Stacking the team
Less than two weeks after announcing the launch of a new program targeting the rare genetic disorder Prader-Willi Syndrome, Bright Minds said it's bringing in a quartet of seasoned experts to help with the effort.
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The healthcare company announced that four experts in Prader-Willi Syndrome have joined its scientific advisory board, namely Tania Markovic, Jennifer L. Miller, Elizabeth Roof, and Theresa V. Strong.
Bright Minds quoted its co-founder and CEO Ian McDonald as saying of the quartet that "these prominent experts bring extensive first-hand knowledge of the unmet medical need, the limitations of current treatments, the quality-of-life challenges for patients and their families, and the clinical assessment tools used in drug development."
A good way to begin
Bright Minds will evaluate an existing pipeline drug, BMB-101, for Prader-Willi syndrome, as well as a new treatment, BMB-105. Testing of the latter will begin with a Phase 1 study, evaluating criteria such as safety and tolerability.
While it's still early days for the new program, the fact that Bright Minds can attract four respected experts indicates the effort is getting off to a strong start. I think that cautiously optimistic reaction from investors on Monday was entirely justified.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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