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

United Parcel Service (UPS) seems on track to regain lost strength

Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic

IPO Alert: What to look for when Boundless Bio goes public

Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.

Nike (NKE) bets on innovation and partnerships to return to high growth

Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top