Thinly traded micro cap Chiasma (NASDAQ:CHMA) is up 30% premarket on increased volume in response to positive results from a Phase 3 clinical trial, OPTIMAL, evaluating Mycapssa (octreotide) for the maintenance treatment of adults with acromegaly, a hormone disorder characterized by enlarged bone growth in the hands, feet and face.
The study met the primary end of a statistically significant proportion of patients in the treatment group maintaining biochemical response at week 36 compared to placebo. Specifically, 58% of patients receiving Mycapssa maintained their IGF-1 response versus 19% for control (p=0.008).
All secondary endpoints were also met.
The company expects to file a U.S. marketing application by year-end under accelerated review status.
Management will host a conference call this morning at 8:30 am ET to discuss the results.
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