Paratek Pharmaceuticals is having an incredibly strong start in the pre-market hours today, and for good reason. The company is gaining as the result of excitement surrounding a study the company is working on in collaboration with Allergan. In a press release issued this morning, the companies announced positive results from two trials they are working on in collaboration. Shortly after the release, the stock started to spike, prompting our partners at Trade Ideas to alert us of the move. Currently (9:05), PRTK is trading at $18.24 per share after a gain of $2.40 per share or 15.11% thus far today.
PRTK And AGN Announce Positive Clinical Results
As mentioned above Paratek Pharmaceuticals is having an overwhelmingly strong time in the market after reporting positive clinical data from 2 Phase 3 clinical trials it has been working on in collaboration with Allergan. The trials both revolve around sarecycline as a treatment for moderate to severe acne. In the press release, the companies informed investors that both trials had met their 12 week primary endpoints.
In a statement, Evan Loh, M.D., President, CEO and CMO at PRTK had the following to offer…
“We are pleased with the results of the sarecycline Phase 3 program and Allergan’s intention to move ahead with an NDA submission for approval in the U.S. by the end of 2017… Sarecycline is a narrow spectrum antibiotic, which we believe can offer meaningful clinical benefits for patients afflicted with acne.”
What We’ll Be Watching For Ahead
Looking ahead, the CNA Finance team will be keeping a close eye on both PRTK and AGN. In particular, we’re interested in following the process as the companies push sarecycline toward FDA approval. Nonetheless, we’ll continue to follow the story closely and bring you the news as it breaks!
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