Reata Pharmaceuticals Inc.
shares surged after hours Monday as the biotech company announced positive results from a clinical trial for a neuromuscular disorder treatment. Reata shares, which had been halted after hours, surged 33% in the extended session, after closing up 5% at $100.59 in Monday trading for a market cap of just over $3 billion. Compared to placebo, the company said a mid-stage study of its treatment omaveloxolone significantly improved symptoms of Friedreich’s ataxia, a debilitating neuromuscular disease that results in loss of coordination, weakness and fatigue. There are currently no treatments approved by the Food and Drug Administration for the disease, which affects about 22,000 globally, the company said.
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