Viking Therapeutics Inc (NASDAQ:VKTX) shares climbed on Tuesday after reporting a successful Phase 2 result for patients suffering from non-alcoholic fatty liver disease (NAFLD) and elevated low-density lipoprotein cholesterol.
The San Diego, California, company said the study achieved its primary endpoint of a significant reduction in cholesterol and a 50% reduction in liver fat content from its VK2809 treatment by the 12th week.
"The study successfully achieved both its primary and secondary endpoints, and demonstrated an encouraging safety and tolerability profile," the company said.
Shares of Viking Therapeutics soared 26.5% to $14.84 on the news, having settled on Monday 4.87% lower at $11.73.
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"The fact that two-thirds of patients treated with VK2809 achieved at least a 50% reduction in liver fat content is striking, particularly in light of the relatively short duration of treatment evaluated in the trial," said Rohit Loomba, a director of the NAFLD Research Center and a professor of medicine at the University of California at San Diego.
The results of the study were presented on Monday at The Liver Meeting, the annual meeting of the American Association for the Study of Liver Diseases held in San Francisco.
There were no serious safety issues encountered among the patients who took the drug, Viking Therapeutics said.
Viking Therapeutics is a clinical stage biopharmaceutical company developing therapies for metabolic and endocrine disorders.
The company is based in San Diego.
Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com