Shares of the California-based biotechnology company Arrowhead Pharmaceuticals (NASDAQ:ARWR) rose over 10% after the company released its second-quarter results of 2018.
The company saw a decrease in revenue compared to the previous year, falling from $8.98 million USD to $650,125.00.
Arrowhead’s net loss saw an increase and went from $6.0 million, during the previous year’s second quarter, to $14.9 million.
Although Arrowhead Pharmaceuticals did not achieve much financial success, the company did reach several milestones.
The company received orphan drug designation approval from the US Food and Drug Administration (FDA) for its ARO-AAT drug, which is meant to help treat a form of genetic liver disease that is associated with alpha-1 antitrypsin deficiency.
Arrowhead was also able to report clinical data on its ARC-520, for the treatment of chronic hepatitis B, at the International Liver Conference 2018 in Europe and the European Association for the Study of the Liver’s annual meeting.
The company has begun initial dosing for the AROAAT1001 Phase 1 trial of ARO-AAT to determine its safety and effectiveness on serum alpha-1 antitrypsin levels.
The Phase 1/2 of ARO-HBV, which is meant to help with the treatment of the Hepatitis B virus, has also begun its initial dosings.
Both studies are based on the results of adult volunteers.
Share value of Arrowhead Pharmaceuticals has increased more than 10% and, as of 1:30 pm EDT, reach approximately +13%, hovering just below $9.00.
The company has already reached a high share value of $9.60 and a low of $8.11 on Wednesday.
Comparatively, Arrowhead closed at $7.75 on Tuesday and only had a high of $7.82.
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