Neurocrine Stock Increases As Drug Shows Promising ResultsTuesday, January 7, 2014
Stock for San Diego’s Neurocrine Biosciences Inc. nearly doubled its value after it released positive midstage clinical data for its drug that treats tardive dyskinesia, a movement disorder that causes facial spasms.
Neurocrine Biosciences (Nasdaq: NBIX) closed at $18.51 per share on Jan. 7, up $8.75 – about 90 percent – from the previous day of trading. The company has a market capitalization of $1.25 billion.
The company said that in a six-week, midstage study of 102 patients with tardive dyskinesia that its drug, NBI-98854, led to a “statistically significant and clinically meaningful” reduction in symptoms when compared with placebo.
There is no currently approved treatment for the disease, Neurocrine Biosciences said. The company said its drug has been generally found safe and well-tolerated in the study.
The study’s data will allow Neurocrine Biosciences to submit an end of Phase II meeting request with the Food and Drug Administration, and begin the groundwork for Phase III studies of the drug, Kevin Gorman, president and CEO of the company, said in a statement.