Aslan Pharmaceuticals (ASLN) - Get Aslan Pharmaceuticals Ltd. ADR Report jumped after the clinical-stage biopharma reported progress in a study of its treatment candidate for severe atopic dermatitis.
Aslan shares at last check jumped 25% to $5.53. They have traded on Monday as high as $6.75, up 52%. A bit less than a year ago they traded at 83 cents.
The Phase 1 randomized double-blind placebo-controlled study evaluated three doses of its drug treatment. Patients were dosed weekly for eight weeks.
The data "are very encouraging and provide a strong foundation to confidently advance our plans for the global Phase 2b study we intend to initiate later this year," Ken Kobayashi, a physician who is chief medical officer at Aslan, said in a statement.
"A robust and differentiated safety and efficacy profile is emerging for Aslan004 and we look forward to reporting the full, unblinded data from approximately 50 patients in mid-2021."
Aslan004 is being marketed as a potential first-in-class human monoclonal antibody treatment that can treat atopic dermatitis, which is a chronic, inflammatory skin condition that affects millions of children and adults globally.
Last week, Aslan said it agreed to raise proceeds of about $18 million by privately placing shares with two new institutional investors, Vivo Capital and Surveyor Capital.
The financing round closed on Feb. 25 with the company issuing more than 25.5 million shares at $3.52 apiece.
“These additional resources position us well as we look forward to unblinding the interim data from our ongoing study of Aslan004 in atopic dermatitis in early March and look towards initiating our Phase 2b program later in 2021," Chief Executive Carl Firth said.