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Arena Pharmaceuticals Shares Rise on Study Results

The stock is up 13% in Nasdaq trading.

Shares of

Arena Pharmaceuticals

(ARNA) - Get Report

were rising Wednesday after the company reported positive results from a phase 2 clinical trial of APD356, a drug candidate for the treatment of obesity.

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The company said over the 28-day treatment period, patients taking the 15 mg dose of APD356 had a statistically significant average weight loss of 2.9 pounds, compared with 0.7 pounds for the placebo group. APD356 was generally well tolerated at all doses investigated in the trial.

Arena said the primary efficacy endpoint of the study was a reduction in weight in patients completing the 28-day treatment period. No statistically significant weight loss was observed in the 1 mg or 5 mg groups.

Arena's shares were up 80 cents, or 13%, to $6.77 in morning trading.