Shares of New Haven drug developer Achillion Pharmaceuticals Inc. were up nearly 50 percent in late morning trading Wednesday, a day after the company reported promising results from an early-stage trial of its hepatitis C drug, Reuters reports.
It shares were up $1.03, or 48 percent, at $3.18.
The company said the preliminary results showed proof of concept for the drug, ACH-1625. In the early-stage trial, patients received ACH-1625 for five days, Reuters reports on its Web site.
The preliminary results showed a “dramatic reduction in viral load after five days” and the drug demonstrated a slow viral rebound, the company said in the news account. The drug was well-tolerated at all doses and there were no serious adverse events.
Meantime, Achillion says it has regained compliance with Nasdaq’s listing rules. The company was notified Nov. 17 that it had fallen below the minimum $10 million in stockholders’ equity to remain listed on Nasdaq.
