Viking Therapeutics Inc (NASDAQ:VKTS) shares climbed on Monday after the company reported positive results in a Phase 2 study of a treatment for people who suffered from hip fractures.
The company said in a statement the trial "achieved its primary endpoint" after treatment of VK5211, its lead treatment for musculoskeletal disorders, in results presented at the American Society for Bone and Mineral Research's annual meeting held over the weekend in Quebec, Canada.
A total of 108 patients were randomized to receive once-daily VK5211 doses of 0.5 mg, 1.0 mg, 2.0 mg, or placebo for 12 weeks.
Shares of Viking Therapeutics rose 2.47% in the Monday premarket to $17.85, having closed on Friday down 2.35% at $17.42.
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"It is striking that these increases were coupled with reductions in fat mass, indicating a favorable shift in overall body composition," said Brian Lian, the CEO of Viking.
"We are pleased with the safety and tolerability of VK5211 in this study, with no drug-related serious adverse events observed and no clinically meaningful changes in important markers such as hemoglobin, red blood cell counts and coagulation factors," he added.
The company believes VK5211 has the potential to produce the therapeutic benefits of testosterone with improved safety, tolerability and patient acceptance.
Viking Therapeutics is a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders. The company is based in San Diego, California.