Ardelyx Inc (NASDAQ:ARDX) recently released Phase 3 trial data of its Tenapanor pipeline treatment for irritable bowel syndrome with constipation leading to positive sentiments from investors.
The biopharma’s stock recorded a significant surge following the announcement of the Phase 3 trial data after the market close on Wednesday. Ardelyx CEO Mike Raab was pleased to announce the results and even described the progress as game-changing for IBS-C patients. The progress that the company made with the treatment was so impressive and pleasing to investor judging by the shares were up by 56 percent.
“These results show that tenapanor has significant potential in the market and bolsters our commitment to identify the ideal collaboration partner to help ensure that we reach the most patients possible who would benefit from therapy,” stated Raab.
Things did not go so well the first time that the company released data for the first round of Phase 3 data for tenapanor. This is because the data was not as good as that of a rival treatment called Trulance from Synergy Pharmaceuticals Inc (NASDAQ:SGYP). This was such a huge setback for Ardelyx that it had to take measures such as restructuring which led to many jobs being slashed.
This time round, the primary endpoints for Tenapanor are significantly higher and have hit all the targets. The results will allow the company to make a compelling presentation for the approval of the treatment, especially when compared with its rivals. Ardelyx argues that the results of the drug prove that it is the ideal answer towards meeting the needs of the patients. David Rosenbaum, the Chief Development Officer at Ardelyx stated that patients not only want to get rid of irritable bowel but they also want to get their bowel movement to normal levels.
Despite the announcement of the positive Phase 3 results, the study is not yet complete. The company still has to carry out a safety extension study. However, the firm is confident that the results will turn out positive and that it will be able to finalize its application with regulators before the second half of 2018.
Ardelyx stock closed the latest trading session on Thursday at $7.80.