Evoke Pharma Inc said its inhaled version of a generic gastrointestinal drug was found to be superior in managing symptoms of bowel disease compared with the existing oral treatment, sending its shares up 45 percent.
The results of the mid-stage study, published in a medical journal, tested an intranasal formulation of generic metoclopramide in 89 diabetic gastroparesis patients dosed four times a day for 6 weeks.
Gastroparesis is a condition in which the muscles of the stomach work slowly and lead to slow emptying of food from the stomach into the intestine. The most common cause for the condition is diabetes.
The company's shares were trading at $13.25 before the bell, after closing at $10.00 on Tuesday on the Nasdaq.
(The story corrects headline, paragraphs 1 and 2 to say Evoke's drug is an inhaled version of an existing oral generic drug, not a new version of the company's drug.)
(Reporting by Natalie Grover in Bangalore; Editing by Saumyadeb Chakrabarty)