Akari Therapeutics (NASDAQ:AKTX) is making headlines after the biopharmaceutical company announced positive data from a Phase 2 clinical trial. The news, released today, sent AKTX stock up nearly 20% at the time of writing.
AKTX Stock Flying Thanks to Clinical Trial Data
Based in the United Kingdom, Akari Therapeutics announced Tuesday positive data from a Phase 2 clinical trial that evaluated second-generation complement inhibitor Coversin in patients suffering from bullous pemphigoid, which is a rare inflammatory skin condition.
In the trial, the first three subjects who got doses of Coversin had a favorable safety profile, according to Seeking Alpha. The doses were given daily.
Speaking on the news, interim CEO Clive Richardson said Akari Therapeutics plans “to expand the trial to include additional severe patients by way of an amendment,” as a result of the “encouraging data.” Richardson added: “We believe this promising data helps validate our strategy of focusing on those poorly treated orphan diseases where both C5 and LTB4 are implicated.”
While development is still ongoing, the market seems pleased with the news. At the time of writing, AKTX stock is trading at $3.85, which puts the stock up 14.85%. Earlier in the trading day, AKTX stock was up more than 20%.
For Those Who Don’t Know
Akari Therapeutics develops inhibitors of chronic and acute inflammation. It focuses specifically on creating treatments for orphan and rare diseases. The company’s lead drug candidate is Nomacopan, and it also develops tick derived proteins.
Things are looking good for Akari Therapeutics. With the encouraging results released today and the fact that the company now plans to expand the trial, AKTX stock could very well spend more trading days up in the double-digits.
What do you think? Do you see the expansion of the trial to be a good thing? Moreover, do you think AKTX stock can end the day up more than 20%?
Featured image: DepositPhotos © minervastock