Cerevel Therapeutics Inc. (NASDAQ: CERE) stock gained by 136.2% at last close whereas the CERE stock price has been observed declining by 6.26% during after-hours session. Cerevel Therapeutics is devoted to solving the brain’s secrets in order to cure neurological disorders. CERE is treating illnesses with a focused neuroscience strategy that blends neurocircuitry expertise with a focus on receptor selectivity.
What is happening?
Cerevel Therapeutics has published encouraging findings on June 29, 2021 from its Phase 1b clinical trial in adult patients with schizophrenia using CVL-231 which is a new muscarinic M4-selective Positive Allosteric Modulator (PAM). CVL-231 was safe and well accepted, with dropout rates of 22 percent for both CVL-231 and placebo after six weeks of treatment. Importantly, as opposed to placebo, both the 30 mg once-daily and 20 mg twice-daily dosages showed clinically significant antipsychotic efficacy with an overall well-tolerated profile.
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The CVL-231 30 mg once-daily dose appears to result substantial and clinically important mean reduction in the Positive and Negative Syndrome Scale (PANSS) total score of 19.5 points from baseline, as well as a mean reduction of 12.7 points in PANSS compared to the placebo group (p=0.023). When compared to the placebo group, the CVL-231 20 mg twice-daily dosage resulted in a statistically significant and clinically relevant mean reduction in PANSS total score of 17.9 points from baseline and a mean reduction of 11.1 points in PANSS total score (p=0.047). Clinically significant decreases in the PANSS Positive and PANSS Negative subscales backed up these findings.
On the same day, Cerevel Therapeutics has also announced the start of a 14,000,000 share underwritten public offering of its common stock. Cerevel plans to give the underwriters a 30-day opportunity to buy up to an additional 2,100,000 shares of common stock at the public offering price, less underwriting discounts and fees, in conjunction with this offering. The offering is dependent on the market and other factors, and no guarantee can be given as to whether or when it will be finalized, or as to the size or terms of the offering. Cerevel will sell all of the shares in the proposed sale.