Protagonist Therapeutics soars as skin disease drug succeeds in study

Protagonist Therapeutics

07/03/2023 15:34

(Updates)
    ** Shares of biopharma company Protagonist Therapeutics Inc
 PTGX.O  rise 30.4% to near 1-year high of $19.82
    ** PTGX says its experimental drug, JNJ-2113, which it is
developing in collaboration with Johnson & Johnson  JNJ.N , met
the main goal in a mid-stage study
    ** Protagonist is testing JNJ-2113 as a potential treatment
for moderate-to-severe plaque psoriasis, a chronic condition
that causes itchy skin with scaly patches
    ** Data shows treatment with JNJ-2113 resulted in a higher
proportion of patients with the disease achieving a 75%
improvement in skin lesions measured by the Psoriasis Area and
Severity Index vs placebo - company
    ** The treatment was well-tolerated and no meaningful
difference was observed in the frequency of adverse events
across treatment groups in study - PTGX
    ** SVB Securities analysts believe that if pivotal trials of
JNJ-2113 are successful, they could potentially help J&J replace
sales from its top-selling drug Stelara, which is facing a loss
of exclusivity this year 
    ** As of last close, PTGX up nearly 39% so far this year

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))