Anacor Pharmaceuticals (ANAC) Stock Soars After Positive Late Stage Test Results
Shares of Anacor Pharmaceuticals Inc. (ANAC) were trading up +46.39 or +54.83 percent to $131.00 per share in premarket trading on Monday. The company announced early this morning that it had achieved preliminary top line results from two Phase 3 pivotal studies of the company's experimental topical lotion. Anacor Pharmaceuticals stock closed at $84.61 per share, up +1.95 or +2.36 percent in Friday's regular trading session.
Palo Alto, California based Anacor Pharmaceuticals Inc. is a biopharmaceutical company founded in 2002.
This morning's announcement was for Crisbarole Topical Ointment, 2% formerly known as AN2728. The ointment achieved preliminary top line results in two Phase 3 pivotal studies. The ointment is a phophodiesterase-4 or PDE4 inhibitor for the potential treatment of atopic dermatitis in children and adults. In both studies, the ointment achieved significant positive results for all primary and secondary endpoints.
Paul L. Berns, Anacor's Chairman and Chief Executive Officer said in the company's press release that, "We are extremely pleased by the top-line results from our Phase 3 pivotal studies of crisaborole. We believe there is a significant unmet medical need for a novel non-steroidal topical anti-inflammatory treatment option for the patients who are affected by mild-to-moderate atopic dermatitis.
He concluded saying, "We currently plan to file a New Drug Application for crisaborole in the first half of 2016 and, if approved, we believe crisaborole could offer an important treatment option for patients with mild-to-moderate atopic dermatitis.
The studies consisted of two double-blind, multi-center vehicle controlled studies of 750 patients each. Patients were two years old and up and had diagnosis of mild to moderate atopic dermatitis. Patients were randomized on a 2 to 1 ration and crisaborole or the placebo was applied on the affected areas twice a day for 28 days.
The first successful endpoint was reached on the 29th day with patients showing a 2 grade improvement from baseline. Secondary endpoints were achieved by the proportion of patients showing improvement versus patients administered a placebo.
After being treated for a month, 32.8 percent and 31.4 percent of patients responded positively to crisaborole versus 25.4 percent and 18 percent of patients in the control group. The differences in the response of the two groups of patients were significant. Atopic dermatitis affects 18 to 25 million people in the United States according to Anacor and is commonly treated with generic steroid lotions.
Anacor stock is trading with volatility in this morning's premarket. The stock began the year just over $30 per share and will open at a new all time high after today's premarket action. Nevertheless, shares have already begun to sell off, with the stock trading at the $117 per share level before the opening bell.
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