Shares of thinly-traded recent IPO Cara Therapeutics (CARA +18%) pop on a 2x surge in volume, albeit only ~110K shares thus far in today's session. The company is developing products to treat diseases associated with pain and inflammation. Its lead product is CR845, a peripheral kappa opioid receptor agonist. The company has completed three Phase 2 trials evaluating CR845 in acute post-operative pain. Its value proposition is opioid-like pain relief without the CNS-mediated side effects such as potential dependence, respiratory suppression and bowel suppression.
Two days ago, Cara announced that the first patients were dosed in a Phase 1a/1b study assessing CR845 as a treatment for acute and chronic pain.