Shares of Mallinckrodt (MNK) - Get Report were climbing more than 15% in trading Monday to $2.82 after the U.K-based biopharmaceutical company announced positive results from the phase 3 trial of its investigative regenerative tissue candidate, StrataGraft.
The trial met both primary endpoints while showing promise for the regeneration of tissue damaged by deep thermal burns. The results showed that a good proportion of StrataGraft-treated wounds were able to achieve durable wound closure at three months.
"Treatment advances are needed that can help minimize or eliminate the need to harvest skin tissue for autografting, as the second wound created by removing healthy skin can be associated with complications and can be even more painful than the burn wound itself," said Dr. James H. Holmes IV, study co-lead investigator and director of Wake Forest Baptist Medical Center's Burn Center.
Year to date, Mallinckrodt shares have declined more than 84%.