Shares of Irvine-based Eledon Pharmaceuticals Inc. rose 13% on updated long-term data from a Phase 2 trial evaluating tegoprubart, a drug designed to prevent organ transplant rejection.
The data, presented last weekend at the International Congress of The Transplantation Society in Sydney, Australia, showed that patients treated with tegoprubart had better kidney function and fewer transplant rejection cases versus the standard of care.
The company said it’s on track to initiate a Phase 3 trial in the fourth quarter of this year.
Eledon also announced that the FDA granted tegoprubart fast track designation, which speeds up development and review of an investigational drug.
Shares in Eledon jumped 13% to $3.03 apiece with a $246 million market cap (Nasdaq: ELDN).
