By Michael Susin
Centessa Pharmaceuticals shares rose Tuesday after the company said it planned to advance its narcolepsy drug to a phase 2 trial following encouraging early study data.
In the premarket trading, shares were up 15% at $17.15. The share price has more than doubled over the past 52 weeks.
The British pharmaceutical company said interim data from a continuing phase 1 study showed its drug ORX750 restored wakefulness in acutely sleep-deprived patients.
It added the drug showed meaningful and significant improvements in mean sleep latency--the time it takes to fall asleep--at the first two doses evaluated in the maintenance-of-wakefulness test compared to placebo, along with a favorable safety profile.
The company said it plans to rapidly advance ORX750 into phase 2 study in patients with narcolepsy type 1, narcolepsy type 2, and idiopathic hypersomnia.
The mid-stage trial is expected to start in the fourth quarter of 2024.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
September 10, 2024 08:55 ET (12:55 GMT)
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