A Maryland-based biopharmaceutical company saw its stock price rise 18.5 percent after it announced the it completed enrollment of its Phase 2 clinical trial for the treatment of major depressive disorder.

Neuralstem Inc. is a company focused on the development of central nervous system therapies based on its neural stem cell technology. It filed a Form 8K with the Securities and Exchange Commission on Thursday to announce a successful, and early, completion of its Phase 2 of major depressive disorder treatment.

Neuralstem stock increased 18.5 percent, on Thursday, closing at $3.77.

The double-blind, placebo-controlled Phase 2 study using NSI-189, a new chemical entity and lead compound in Neuralstem’s neurogenic small molecule program, assessed the treatment of individuals with MDD.

The primary efficacy endpoint of the treatment is a reduction in depression symptoms as measured by the Montgomery-Asberg Depression Rating Scale and the secondary endpoints are additional clinical outcomes including objective cognition improvement measures.

The NSI-189 safely alleviated depression in a Phase 1b study with the patients. In pre-clinical models, NSI-189 stimulated neurogenesis, synaptogenesis and increased hippocampal volume, which are believed to be effective in potentially reversing depression, enhancing cognition and promoting neuroregeneration.

“Completing the last subject enrolled in the Phase 2 study with NSI-189 for the treatment of MDD earlier than expected is a significant clinical development milestone for Neuralstem,” CEO Rich Daly said in a release.

Neuralstem stock opened at $3.51 per share on Friday, down 6.9 percent.