Reata Shares Jump on Drug-Study Results
Stock gains in after-hours trading after phase II test results meet primary endpoint for a treatment of a rare genetic disease.
Shares of Reata (RETA) - Get Reata Pharmaceuticals, Inc. Class A Report jumped in after-hours trading Monday after the biopharmaceutical company reported positive drug-trial results.
The company said it would begin to seek marketing approval for its Omaveloxolone treatment for patients suffering from Fredreich's ataxia, a rare genetic disease that causes difficulty walking, a loss of sensation in the arms and legs, and impaired speech.
The stock rose $39.41, or 39%, to $140.00 in after-hours trading.
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"We are hopeful that our community will finally have its first approved therapy that can slow this relentlessly progressive disease, Ronald Bartek, president of the Friedreich's Ataxia Research Alliance (FARA), said in a statement.
