Shares of Cara Therapeutics (CARA) - Get Report surged Wednesday after the biopharmaceutical company reported positive results for a Phase 3 trial of a clinical study for its medication, Korsuva, an injection for patients with kidney disease-related itchiness.
Shares were up 14.5% to $20.59 in afternoon trading. The Stamford, Connecticut-based company said that dialysis patients experiencing itchiness who were given a Korsuva injection showed statistically significant improvement compared with those on placebo.
Chronic kidney disease-associated pruritus (CKD-aP) is is an intractable systemic itch condition that occurs with high frequency and intensity in patients undergoing hemodialysis and peritoneal dialysis, Cara Therapeutics said. Multiple studies estimate that at least 40% of patients with end-stage renal disease suffer from the condition.
Overall, the incidence of adverse events and serious adverse events were similar across both Korsuva and placebo groups, Cara Therapeutics said.
"We are extremely pleased with the robust topline results from our first pivotal Phase 3 trial of Korsuva injection and are particularly encouraged by the early anti-pruritic response with Korsuva injection which resulted in statistically significant separation from placebo after only one week of treatment and a sustained significant benefit through 12 weeks," said Derek Chalmers, president and CEO. "We look forward to reporting topline data from our second global Phase 3 trial, KALM-2, in the second half of this year and, assuming positive results, moving towards an NDA (New Drug Application) submission as quickly as possible thereafter."