Alembi Pharmaceuticals, the Canadian-based company that has been developing a drug that can treat epilepsy, has been trading lower on the Toronto Stock Exchange this year, but the stock has since gained nearly 15% this year.
The company is now down nearly 12% year to date.
The stock is up more than 10% this month.
Alembics chief executive officer Paul Hickey told the Canadian Broadcasting Corporation (CBC) that he’s disappointed in the market.
He said he’s still optimistic that the company can find a solution to the current market conditions, and he believes it’s unlikely the company will see a surge in demand for the drug.
Alabics shares fell more than 12% on Monday.
The shares have declined more than 50% this summer, and more than 75% over the past two years.
In August, Alabies shares fell almost 40% after the company announced a number of product launches, including a product to treat epilepsy in children.
The drug is the first drug to use the novel, synthetic version of an ingredient called L-tryptophan, which can be found in the brain of certain epileptic patients.
Alabs is also developing an oral version of the drug, which will be a cheaper option to buy.
The price of Alabys drug is now less than $50 per tablet.
However, that price has been pushed down because the company is also exploring an injectable version of Alembys drug, a potentially cheaper option.
The drugs main competitor, Nexium, is also making an injectible version of its drug, Alembios, which is expected to be available later this year and is expected cost more than $100 per pill.
Alabi’s stock has been hit by a number issues this year including an executive exodus from the company in late June, a recall of some products in October, and a lawsuit from the government.
The lawsuit alleges that the drug company misled investors and that the price of its product, Albys, was “unfair.”
The company said it was “reviewing” the lawsuit.
However the lawsuit is ongoing and it’s unclear if the court case will ultimately result in a settlement.
Alabis shares were down almost 8% at $30.10 on Monday, but have regained more than 9% this week.