NEW YORK (TheStreet) -- Coronado Biosciences Inc (CNDO) exploded on news its pilot study of an oral drug to treat autism was successful. The micro-cap had added 27.5% to $2.27 by early afternoon of Friday's session.
The clinical trial studied the effect of CNDO-201 over a placebo in autistic patients and found a statistically-significant difference in favor of the Coronado-developed treatment.
"There is increasing evidence that immune dysregulation plays an important role in this developmental disorder and we are encouraged by the interim data from this pilot study," said CEO Dr. Harlan F. Weisman in a statement.
The study, still ongoing, is expected to yield final results by mid-2014.
A day earlier the Phoenix-based drugmaker said it had received a subpoena from the Office of Inspector General of the Department of Health and Human Services relating to an investigation of potential health violations. The court document requests information pertaining to Insys' sublingual spray Subsys, including the company's sales and marketing practices of the product.