Prometheus hits record high on positive data in inflammatory bowel disease trials

Prometheus Biosciences

07/12/2022 15:53

(Updates)
    ** Shares of biotech co Prometheus Biosciences Inc  RXDX.O 
jump 185.8% to ~$103, hit record high; biggest pct gainer across
U.S. stock exchanges  
    ** Co reports positive mid-stage data testing antibody
PRA023 in ulcerative colitis (UC) and Crohn's disease (CD)
treatment trials
    ** UC is an inflammatory bowel disease while CD is a type of
inflammatory bowel disease that causes ulcers in digestive tract
    ** PRA023 met the primary goal of higher clinical remission
vs placebo in UC trial; also met the secondary goal with
statistical significance - Co
    ** Co expects results from UC trial in Q2 2023
    ** Reduction in markers of inflammation and fibrosis was
observed between pre-treatment and post-treatment with PRA023 -
RXDX 
    ** Co also says adverse events occurred in two patients in
the CD trial and included COVID-19, urinary tract infection and
fatigue, among other experienced symptoms 
    ** Co intends to advance PRA023 to late-stage trial for UC,
CD in 2023
    ** Including session's gain, stock up 159.7% YTD 
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))