Israeli company BioBlast Pharma Ltd.'s(Nasdaq:ORPN) share price has gained no less than 133% in Wall Street trading, reaching $6.18. Trading turnover was a high 5.5 million shares, compared with a daily average of only 16,800 shares.
The share's surge is attributable to the results of the company's Phase II trial of its treatment for oculopharyngeal muscular dystrophy. Patients with this disease experience swallowing difficulties (dysphagia), leading to the risk of aspiration of food into the lungs, weight loss, and generalized progressive muscle weakness.
McGill University Professor of Neurology and Neurosurgery and Human Genetics Bernard Brais said, "The final study results are consistent with the interim data previously reported and continue to look promising. With no pharmacotherapy available to treat OPMD, trehalose 90mg/mL IV solution may be a step forward in caring for these patients. We look forward to confirming these results in the planned Phase 2b double blind placebo controlled study."
Published by Globes [online], Israel business news - www.globes-online.com - on March 16, 2016
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