California-based biotech Arena Pharmaceuticals has increased over 50% (Nasdaq) over the last two days after the San Diego-based group announced results from the OASIS Phase II clinical trial, testing its etrasimod therapy on patients with ulcerative colitis. Specifically, the anti-inflammatory etrasimod has shown significantly higher efficacy as compared to placebo (+11%). The company plans to start a Phase III clinical trial soon, then to submit an application. Etrasimod has potential to easily become a blockbuster worth over $1bn, analysts say. Arena in 2017 yielded a revenue of $15m and yesterday reached a $1.73bn market capitalization.
(Source: Arena Pharmaceuticals)