March 25 (Reuters) - Axsome Therapeutics (AXSM.O) , opens new tab said on Monday its experimental therapy cut the frequency of disruptive episodes of muscle weakness tied to a sleep disorder called narcolepsy in a late-stage trial.

The New York-based company is looking to expand its reach in the market for treatments against the chronic neurological disorder that causes excessive daytime sleepiness and inadvertent naps.

Shares of the company, which had a market capitalization of $3.8 billion as of Friday's close, rose 4.8% to $84.49 in premarket trading.

Axsome's other drug, Sunosi, is approved to improve wakefulness in adults with excessive sleepiness from either narcolepsy or sleep apnea.

Around 70% of patients with narcolepsy also experience cataplexy episodes, according to U.S. government data, which can cause slurred speech or muscle weakness triggered by intense emotions.

In the study, the therapy AXS-12 reduced cataplexy attacks by 83% versus 56% for a placebo in a study with 90 patients of narcolepsy with cataplexy, meeting the trial goal.

AXS-12 also reduced symptoms of narcolepsy such as excessive daytime sleepiness and inadvertent naps, while improving concentration and memory.

Narcolepsy effected around 44 people per 100,000 people in the United States in 2016, according to U.S. government data.

Other treatments include Axsome's (AXSM.O) , opens new tab Sunosi, Harmony Biosciences' (HRMY.O) , opens new tab Wakix, which is also approved for patients with cataplexy, and generic drugs such as modafinil and armodafinil, among others.

If approved, AXS-12 is expected to earn $314.8 million in sales in 2030, according to LSEG data.

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https://www.reuters.com/business/healthcare-pharmaceuticals/axsome-therapeutics-sleep-disorder-therapy-succeeds-late-stage-trial-2024-03-25/