Shares of Nektar Therapeutics launched by triple digits Tuesday after the biotech company hit every goal in a midstage study of its eczema treatment.
Nektar stock catapulted 156.3% to 24.45, hitting a 13-month high.
Patients in the study received three under-the-skin shots of Nektar's drug, rezpegaldesleukin. After 16 weeks, patients had a 53% to 61% improvement in symptoms, measured by the Eczema Area and Severity Index, or EASI. That compared to a 31% improvement for the placebo group.
A 'New Biology' From Nektar Therapeutics
Nektar Therapeutics Chief Executive Howard Robin said the results "clearly demonstrate" the firm has "established a new biology." Rezpegaldesleukin mimics the effects of a specific cytokine and engages with the immune system's T cells.
"We believe that the REZOLVE-AD study results clearly demonstrate that Nektar has established a new biology and harnessed the promise of (regulatory T cell proliferators) as an important potential therapeutic modality to treat inflammatory skin disorders and other autoimmune conditions," he said in a statement.
Between 34% and 46% of patients had at least a 75% improvement in their eczema symptoms. A quarter of patients had a 90% improvement after receiving the high dose.
Importantly, the high and middle doses achieved statistically significant results in itch reduction.
Nektar Therapeutics is also testing rezpegaldesleukin in patients with severe alopecia areata. CEO Robin expects to move into other inflammatory skin diseases and other autoimmune conditions.
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