The Radnor biopharmaceutical firm Mineralys Therapeutics saw its stock price hit new heights Monday after a positive late-stage clinical trial showed promise for its new hypertension drug candidate.
The drug Lorundrostat.is being developed to treat uncontrolled hypertension, writes John George for Philadelphia Business Journal.
The stock price spiked 65 percent to $17.36 a share as of Monday at 3 PM. The stock closed up 42 percent at $14.96 a share.
Results in the phase 3 study showed that Lorundrostat demonstrated a “statistically significant” reduction in systolic blood pressure.
Phase 3 studies are usually the last step before seeking a new drug approval.
The company has completed three successful phase 3 studies for the new drug candidate.
It’s been described by Mineralys Therapeutics CEO Jon Congleton potentially as “a transformative new therapy” for 15 to 20 million patients in the U.S. with uncontrolled hypertension.
Health officials estimate more than 115 million people in the U.S. have sustained elevated blood pressure. More than half are not responding to currently available medications.
There is a nearly $31 billion market in the U.S. for high blood pressure, expected to grow to $31.5 billion by 2028, according to a report by Acumen Research and Consulting.
Find out more about Mineralys Therapeutics in the Philadelphia Business Journal.
