Avalo Therapeutics Inc. (NASDAQ:AVTX) shares surged 33.02% in Wednesday pre-market trading to $21.63 after the clinical-stage company delivered a Phase 2 trial win and priced a $375 million equity offering late Tuesday.
Phase 2 LOTUS Trial Clears Primary Hurdle
Avalo announced positive topline data from its Phase 2 LOTUS trial evaluating abdakibart, a humanized monoclonal antibody, in patients with moderate to severe hidradenitis suppurativa, a chronic inflammatory skin disease that affects an estimated 0.7% to 1.2% of the U.S. population, with some estimates ranging as high as 2% to 4%, according to the company.
The 253-patient, randomized, double-blind and placebo-controlled trial met its primary endpoint at both doses studied.
The announcement was made after the markets closed on Tuesday.
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