The company highlights progress in developing a novel narcolepsy treatment, with a new phase 2 study underway.

Summary: Alkermes plc released its Q1 2024 financial results, announcing its first profitable quarter as a focused neuroscience company and highlighting advances in narcolepsy treatment with ALKS 2680. The company initiated a phase 2 study for its novel orexin 2 receptor agonist. CEO Richard Pops emphasized the potential of orexin biology in addressing excessive daytime sleepiness. The company also announced the appointment of Nancy S. Lurker to the board and positive results from initial studies of ALKS 2680.

Key Takeaways:

  • Alkermes plc reported its first profitable quarter as a neuroscience-focused company.
  • The company has initiated a phase 2 study for ALKS 2680, a novel treatment targeting narcolepsy, highlighting progress in addressing sleep disorders with new therapeutic options.
  • Alkermes strengthened its governance with the appointment of Nancy S. Lurker to the board.

Alkermes plc released its financial results for the first quarter of 2024, highlighting its advancements in narcolepsy treatment with the development of ALKS 2680, a novel oral orexin 2 receptor (OX2R) agonist. 

The quarter marked the company’s first full quarter as a profitable, specialized neuroscience entity, according to CEO Richard Pops.

Pops emphasized progress in the clinical development of ALKS 2680. The company recently initiated the Vibrance-1 phase 2 study targeting narcolepsy type 1 and released positive topline results from the narcolepsy type 2 and idiopathic hypersomnia cohorts in its phase 1b study of ALKS 2680. Plans are underway to begin a phase 2 study for narcolepsy type 2 in the second half of 2024.

Alkermes is exploring the potential of orexin 2 biology to address excessive daytime sleepiness associated with various disorders, an area of unmet medical need, according to Pops in a release. “ALKS 2680 is the first candidate from our orexin portfolio to advance in the clinic, and we plan to share details regarding our other orexin development programs later this year,” he says in a release.

Additional developments include the appointment of Nancy S. Lurker as a new independent director to the board.

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