Resverlogix Corp. climbed to its highest in almost two months after reporting some patients using its drug to fight thickening of the arteries had their plaque levels fall twice as much as targeted.
Resverlogix, based in Calgary, soared 40 percent to 95 Canadian cents at 4 p.m. in Toronto, the highest since July 9, giving it a market value of C$71.2 million.
Full analysis of phase 2 clinical trials show some patients who were taking the company’s RVX-208 drug along with Rosuvastatin saw their plaque levels drop 1.4 percent, compared with the trial’s 0.6 percent target, the company said in a release today.
“Clearly we have very good reason to be very excited given the positive findings,” Donald McCaffrey, chief executive officer at Resverlogix, said in the statement.
The findings support two of the company’s filed patent applications, for potential protection until 2033, McCaffrey said.
Resverlogix stock plunged a record 93 percent in June after initial results from that trial showed RVX-208 had failed to meet its primary target.
Test results at the time from a 26-week Phase 2b clinical trial showed patients treated with the RVX-208 drug had a 0.4 percent reduction in plaque levels, short of the 0.6 percent target drop.
The drug is intended to work by boosting production of a particle required in a process called reverse cholesterol transport, in which plaque in the arteries is removed from the body using the liver.