Vera hits over 1 year high on additional study data for kidney disease drug

Vera Therapeutics

25/01/2024 16:44

(Updates)
    ** Drug developer Vera Therapeutics'  VERA.O  shares rise as
much as 46.6% to $24.95, highest since April 2022
    ** Company reports additional data from mid-stage study
testing its kidney disease drug, atacicept, as a potential
treatment for IgA nephropathy
    ** IgA nephropathy causes a protein called immunoglobulin A
to build up in the kidney
    ** Additional data from study similar to data reported from
trial in June, when patients received treatment for 36 weeks
    ** At week 72, atacicept helped in reducing excess levels of
a protein in urine and stabilizing kidney function levels vs
placebo, company says
    ** J.P.Morgan analysts say study data exceeded their
expectations, achieving a "home run scenario"
    ** Company says drug generally well tolerated in 72-week
period of study 
    ** 72-week data provide additional confidence in ongoing
late-stage study testing atacicept, company says
    ** Vera says enrollment for late-stage study on track to be
completed in H2 2024 
    ** Company's shares rose 87.9% in past 12 months

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com))