Shares of Apogee Therapeutics, Inc. (APGE) gained over 37% on Tuesday morning after the company announced positive data from an early-stage study of its lead drug APG777 to treat moderate-to-severe atopic dermatitis (AD) and other inflammatory diseases.
APGE is currently trading at $57.35, up $15.61 or 37.41%, on the Nasdaq. The stock opened its trading at $59.91 after closing Monday at $41.74. The stock has traded between $14.19 and $65.41 in the past 52 weeks.
The phase 1 study was designed to evaluate the safety and Pharmacokinetic (PK) of APG777 in healthy volunteers.
The company said PK data from the study showed a half-life of approximately 75 days across doses tested, requiring less frequent injections. Pharmacodynamic (PD) data showed deep and sustained inhibition of key AD biomarkers pSTAT6 and TARC for nearly 3 months.
The company plans to initiate a Phase 2 study of APG777in patients with moderate-to-severe atopic dermatitis in the first half of 2024.
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