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AC Immune shares surged more than 70% in early trading.

• AC Immune SA and its collaborating partner Genentech, part of Roche Holdings AG, have announced topline data from Phase 2 study evaluating semorinemab in mild-to-moderate Alzheimer's disease (AD).
• Semorinemab met one of its co-primary endpoints, ADAS-Cog11 (cognitive scale). The second co-primary endpoint, ADCS-ADL (functional scale), was not met.
• Safety data showed that semorinemab was well tolerated with an acceptable safety profile and no unanticipated safety signals.
• Semorinemab demonstrated a statistically significant reduction in cognitive decline from baseline by 43.6% compared to placebo at week 49.
• There was no effect on the other co-primary endpoint of reducing the rate of functional decline. Genentech has reported that the open-label portion of the study will continue as planned.
• Further analyses are ongoing, and the company will submit topline data for presentation at the CTAD conference in November.
• Semorinemab is an investigational monoclonal anti-tau antibody that targets the N-terminal portion of the tau protein and is designed to bind to tau and slow its spread between neurons.