Shares of Idera Pharaceuticals (IDRA) are up 20% before the open on heavy volume in response to the firm's report of positive phase 2 clinical trial results for it psoriasis drug IMO-8400.
The 32-patient study met its primary endpoint of safety and tolerability over a 12-week period. No adverse events, dose reductions or discontinuations occurred.
The study also met its secondary endpoint of demonstrating clinical activity as assessed by Psoriasis Area and Severity Index (PASI) scores.
IMO-8400 has demonstrated activity in other autoimmune diseases such as lupus and arthritis.