Categories Health Care, U.S. Markets News

Dermira stock doubles and hits new 52-week high on positive eczema trial results

Dermira Inc. (DERM) announced positive results from Phase 2b study for treating patients with atopic dermatitis, a condition which causes redness, dryness and itching. Shares of Dermira skyrocketed more than 100% and hit a new 52-week high ($14.91) during today morning’s trading session.

Dermira, which was founded in 2010 and became public company in 2014, plans to speed up the start of Phase 3 development program for lebrikizumab (eczema treating drug) after the positive trial results. Following and end-of-Phase 2 meeting with the FDA, Dermira plans to initiate the program by the end of 2019.

Dermira stated that all three doses of lebrikizumab met the primary endpoint. Patients treated with lebrikizumab at the 250 mg dose every two or four weeks achieved statistically significant improvements in other key efficacy measures compared to placebo after 16 weeks of treatment.

“Based on the clinical profile observed in this study, we believe lebrikizumab has the potential to be a best-in-disease therapy for atopic dermatitis,” said CEO Tom Wiggans. He also added, “We intend to move quickly into a Phase 3 program following discussions with U.S. regulators”.

Also read: Intercept stock surges on positive data from liver fibrosis drug study

Last month, Dermira and Barcelona, Spain-based Almirall entered into an option and license agreement to develop and commercialize lebrikizumab for atopic dermatitis in Europe. Under the agreement terms, the Menlo Park, California-based biopharmaceutical firm will receive an option fee of $30 million.

Dermira reported its fourth quarter results on February 26. The company’s loss widened to $71.8 million or $1.70 per share compared to a loss of $56 million or $1.34 per share in the prior year quarter. Revenue stood at $2.2 million, comprised exclusively of QBREXZA product sales, compared with $1.3 million of collaboration and license revenue in the fourth quarter of 2017.

Dermira stock had gained 82% since the beginning of this year and 34% in the past three month period.


Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

Most Popular

Tyson Foods (TSN) Q1 2023 Earnings: Key financials and quarterly highlights

Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per

After weak start to 2023, Apple (AAPL) sees some bright spots

Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the

Earnings: Qualcomm (QCOM) Q1 profit falls on lower revenues

Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5

Add Comment
Viewing Highlight