By Rob Lenihan

Annovis Bio (ANVS) shares on Friday nearly tripled after the clinical stage drug platform company reported progress in a study involving a candidate to treat Alzheimer's disease and Parkinson's disease.

Shares of the Berwyn, Pa., company at last check were trading at $76.44, up from Thursday's close at $26.40.

Annovis Bio said a double-blind placebo-controlled study found that patients treated with ANVS401 for 25 days showed "statistically significant cognitive improvement" as measured by the Alzheimer's Disease Assessment Scale-Cognitive Subscale 11.

The company said the 11-part test is one of the most frequently used tests to measure impaired cognition in clinical trials for Alzheimer's Disease.

The ANVS401-treated group showed a statistically significant 30% improvement. The same group showed an approved of 22% compared with the placebo group.

The safety profile of ANVS401 in the interim analysis was consistent with prior safety data, showing it to be safe at 80mg once a day in humans. No adverse events that could have been ascribed to the drug treatment occurred.

Annovis Bio said it expected the full study data, including a dose ranging analysis in 40 Parkinson's patients, in July or August.

Following completion of the Phase 2a trial, the company said, it will request a meeting with the U.S. Food and Drug Administration to present the results of the trial and its chronic toxicology study in animals.

Annovis Bio said the data and prior clinical results supported the potential advancement of ANVS401 into late-stage studies. It targets those late-stage studies for late 2021, assuming successful completion of its ongoing Phase 2a study.

Chief Executive Maria Maccecchini said in a statement the company had previously reported positive results in a study involving Parkinson's disease patients.

"The results from the first cohort of 14 AD and 14 PD patients show that the drug is effective in both diseases," she said.

"Seeing efficacy in both patient populations supports our hypothesis that the impairment of axonal transport, the information highway of the nerve cell, affects nerve cells in the same way in both diseases."

More than six million Americans are living with Alzheimer's, according to the Alzheimer's Association, a number that is projected to rise to nearly 13 million by 2050.

In March, Eli Lilly (LLY) shares dropped on mixed results from a trial of its Alzheimer's treatment.