NEW YORK (TheStreet) -- Shares of drug developer NephroGenex (NRX) skyrocketed more than 285% to a 52-week high of $17.98 on Wednesday after the company announced it found its lead drug to be safe in a cardiac safety study.
The company is evaluating the drug pyridorin in a late-stage trial in patients with diabetic nephropathy, a chronic and degenerative kidney disease caused by diabetes and often tied to heart disease.
NephroGenex said it has noted cardiac safety concerns with other therapies currently in development.
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Pyridorin attempts to work on the underlying cause of diabetic nephropathy, which affects approximately 6 million Americans, in order to slow its progression.
More than 12.8 million shares had changed hands as of 11:26 a.m., which dwarfed the daily average volume of 12,733.