Intercept (ICPT) Announces Positive Results for Liver Drug Trial
Shares of Intercept Pharmaceuticals Inc. (ICPT) were down -32.26 or -6.98 percent to $430.00 per share in pre-market trading on Monday, after the company announced in their 10K filing late Friday that there were adverse cardiac issues connected to their experimental drug for the treatment of liver disease. The company announced on Sunday that its international Phase 3 POISE trial of obeticholic acid (OCA), for the treatment of primary biliary cirrhosis (PBC) had met its primary endpoint with a high statistical significance.
Intercept stock closed up +14.29 or +3.19 percent to $462.26 per share in Fridayâ s regular trading session. The company also reported earnings late Friday, showing a loss of -$0.64 per share, versus an expected loss of -$0.70 per share, but missed on revenue. Intercept will hold a conference call on earnings and the recent results of the POISE trial and negative cardiac events with OCA this morning at 8:30 AM EST.
New York City based Intercept Pharmaceuticals is a biopharmaceutical company specializing in developing and commercializing new treatments for chronic liver disease, such as primary biliary cirrhosis. The companyâ s main product is obeticholic acid or OCA, a substance structurally akin to naturally occurring human bile acid. The drug, which is a first in its class, selectively binds and activates â
Published on Mar 17, 2014
By Jay Hawk