This morning, a small-cap pharma equity Capricor Therapeutics (NASDAQ: CAPR) has shot up pre-market from a previous closing of $3.37 to an early morning value of $5.60 – a 73% hike.
The value change, which is certainly sudden, reverses a trend where CAPR had lost over half of its value since February.
Part of what seems to be behind the sudden spike is positive news on the company’s CAP-1002 drug.
A press release this morning shows that “pre-specified interim analysis” showed promise in treating a condition called Duchenne muscular dystrophy.
Clinical trials of CAP-1002 showed improved performance in upper limb and grip strength and inspiratory flow reserve.
Since Duchenne muscular dystrophy affects some 200,000 boys and men globally, CAP-1002 represents part of a vanguard treatment for a significant population, as there is currently no cure for the degenerative condition.
“We are extremely pleased and it is truly extraordinary that even in such as small sample size, we achieved statistically significant improvements in several clinically relevant parameters,” said Capricor CEO Linda Marbán in a press statement. “In these older patients, functional improvement in the upper limb is highly meaningful for their quality of life. To our knowledge, this is the first randomized double-blind, placebo-controlled study in DMD that has shown statistically significant functional improvement in steroid treated boys.”
Those working in the field with DMD patients are also hopeful.
“I am encouraged by the prospects that this data has for people with Duchenne, especially our non-ambulatory community who have limited therapeutic options,” Pat Furlong, Founding President and CEO of Parent Project Muscular Dystrophy, said in comments on the drug progress. “Additionally, CAP-1002 potentially provides cardiac benefits in this patient population where heart failure continues to be the leading cause of mortality.”
CAPR, which is traded on the NASDAQ, is headquartered in Beverly Hills, California with a market capitalization of over $11 million.
52-week highs are marked at $15.80; 52-week lows marked at .29.
Previously, some adverse reactions had slowed progress on the drug with the company carefully instituting controls to prevent immune reactions.
Today the company will conduct a webcast to talk about the clinical results.
Take a look throughout the morning to see how much of this parabolic rise CAPR holds.