Stealth BioTherapeutics leaps on news of partnership with Alexion
Shares of US biotech Stealth BioTherapeutics (Nasdaq: MITO) leapt 28% to $8.20 in pre-market trading today, after it announced an agreement for an option to co-develop and commercialize elamipretide for mitochondrial diseases with Alexion Pharmaceuticals (Nasdaq: ALXN).
Currently being evaluated in a Phase III study in people with primary mitochondrial myopathy (PMM) - a genetic mitochondrial disease - elamipretide is a novel, potential first-in-class therapy that targets mitochondrial dysfunction.
There are currently no therapies approved to treat PMM, which is characterized by debilitating skeletal muscle weakness, chronic fatigue and exercise intolerance.
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