Synergy Pharma rises as constipation drug plecanatide meets targets in second late-stage study

MarketsAssociated Press

Shares of Synergy Pharmaceuticals rose about 10 percent Thursday after the company said its constipation drug plecanatide met its goals in a second late-stage study.

Plecanatide met its goals in both of those trials, and Synergy Pharmaceuticals says it plans to file for marketing approval in January. Its shares rose 83 cents to $9.04 in morning trading.

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The New York drugmaker was testing plecanatide as a treatment for chronic constipation with no known cause, and it said two different doses of the drug worked in the trial. The company reported results from a successful trial in June.

The company had planned to file for approval in the fourth quarter of this year.

Synergy Pharmaceuticals Inc. doesn't have any approved products, and plecanatide is its most advanced drug. It is also running two late-stage studies evaluating the drug as a treatment for constipation in patients who have irritable bowel syndrome. The company is also studying a potential treatment for ulcerative colitis and for constipation caused by opioid medications.