Synergy Pharmaceuticals Surges 16% In Pre-market Trade On Positive Late-stage Clinical Trial Results

Synergy Pharmaceuticals Inc. surged 15.9% in pre-market trade Friday after the company said that its treatment for irritable bowel syndrome with constipation had positive phase 3 trial results. The drug, plecanatide, met the trial's primary endpoint at two different dose levels, with diarrhea being the most common adverse event in a small percentage of patients. Results from another phase 3 trial are expected later this month, and Synergy plans to file with the FDA for IBS-C in the first quarter of 2017, the company said. The drug "may represent an important new treatment option for the millions of patients currently suffering with IBS-C," said Synergy Chief Executive Officer Gary Jacob. Shares of Synergy were valued at $5.54 per share at Thursday's close. The company's stock had dropped 2.3% year-to-date, compared with a 9.9% rise in the S&P 500 .