Shares in atai Life Sciences (NASDAQ:ATAI, ETR:9VC) rose 10% on Tuesday after the company and its UK partner Beckley Psytech reported encouraging mid-stage trial results for their experimental nasal spray treatment for depression.
The therapy, BPL-003, is a formulation of mebufotenin benzoate delivered via nasal spray. It is being tested in patients with treatment-resistant depression, a condition in which standard medicines have failed.
In a Phase 2a study, 13 patients received two doses of BPL-003 two weeks apart. Twelve were included in the final analysis.
After the first dose, patients recorded an average reduction of 13.3 points on the Montgomery-Asberg Depression Rating Scale by Day 2. A second dose deepened the effect, with an average 19-point reduction after one week.
Improvements were sustained, with a 13.7-point reduction at 12 weeks.
At Week 8, half the patients no longer met the criteria for depression. The companies said side effects were mild to moderate and patients were discharged within two hours of dosing.
Cosmo Feilding Mellen, chief executive of Beckley Psytech, said the results underline the potential for a “rapid, well-tolerated and durable” new treatment.
The shares, up 240% year to date, rose 47 cents to $5.32.