Pozen Inc., a developer of migraine treatments, rose the most in four months after the company’s drug to prevent heart disease in patients at risk of aspirin-associated gastric ulcers met the goals of two studies.
Pozen climbed 8.8 percent to $5.22 at the close of New York trading, the biggest jump since Nov. 30. The drug developed by Pozen, based in Chapel Hill, North Carolina, is a combination of omeprazole, which is used to treat ulcers and acid reflux, and delayed-release aspirin.
The medicine, known as PA32540, revealed significant reduction in gastric ulcers in patients compared with those who used 325 milligrams of aspirin over six months, Pozen said in a statement today. The results from the late-stage studies will enable the company to apply for U.S. regulatory approval in the third quarter as planned, the company said.
Pozen is “encouraged by the strength of the data,” Chief Executive Officer John Plachetka said in the statement. The results will help with the progress of “partnership discussions,” he said.
The trials also showed a reduction in lesions on the lining of the stomach and that side effects were consistent with those known to exist with aspirin and omeprazole, Pozen said.