NEW YORK – Shares of Synergy Pharmaceuticals jumped 47 percent before Wednesday's opening bell on encouraging, late-state study results for its constipation drug.
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The drug plencantide is intended to treat chronic idiopathic constipation, the cause of which is unknown.
The study involving 1,346 adult patients met its key treatment goal. Only 1.1 percent of the study participants experienced any serious side effects. The company plans to announce results from an additional late-stage study on the drug in the third quarter and plans to file for FDA approval in the fourth quarter.
If it reaches the market, plencantide would compete with Sucampo Pharmaceuticals Inc.'s and Takeda Pharmaceutical Co.'s drug Amitiza and Allergan Plc.'s Linzess.
Shares of Shares of Synergy Pharmaceuticals Inc. rose $2.19 to $6.80 in premarket trading.