Shares of Aslan Pharmaceuticals Ltd. (6497.OT) soared 77% in active premarket trading Monday, after the Singapore-based biopharmaceutical company revealed positive preliminary data from a proof-of-concept study of its atopic dermatitis treatment ASLAN004. The stock was the most active ahead of the open with over 346,000 shares traded. The rally comes after the stock had already rocketed nearly 9-fold from Nov. 21 through Friday, after Aslan published new preclinical data which characterized ASLAN003 as a potential treatment for acute myeloid leukemia. On Monday, the company said in a review of "unclean blinded data," the Eczema Area and Severity Index (EASI) scores of 3 patients who have completed at least one month of low dosing were reduced by 85%, 70% and 59% from baseline. "Whilst the data remains early, we had not anticipated to observe such pronounced improvements in patients enrolled into the lowest dose cohort," said Mark McHale, head of research and development at Aslan. The stock was on track to open Monday at a price that is more than 15 times the Nov. 21 closing price of 44 cents. The stock has more than doubled (up 130%) over the past three months through Friday, while the iShares Nasdaq Biotechnology ETF (IBB) has gained 16% and the S&P 500 has tacked on 7.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 02, 2019 13:34 ET (18:34 GMT)
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