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OPKO Health rallies on positive Phase 2 diabetes and obesity trial results

Proactive Investors Thursday, 21 March 2019
OPKO Health Inc (NASDAQ:OPK) climbed Thursday after announcing positive topline results from a Phase 2 dose escalation trial of a treatment for Type 2 diabetes and obesity. The healthcare company said topline analysis of results demonstrated that OPK88003 met the primary objective with a statistically significant reduction of hemoglobin A1c (HbA1c) after 30 weeks of treatment versus a placebo. It also met a secondary goal of statistically significant weight loss. Shares of Miami-based OPKO gained 7% to $2.63 in Thursday’s Nasdaq trading. READ: OPKO Health sees prescriptions for Rayaldee triple in third quarter “We are pleased with the results of this trial, which show that OPK88003 has the potential to compete favorably with other drugs on the market or under development to treat Type 2 diabetes, obesity and related conditions,” OPKO Chairman and CEO Phillip Frost said in a statement. “We will now carefully evaluate strategic options for the design of Phase 3 trials and later, if successful, commercialization.” OPK88003-treated patients showed significant blood triglyceride decreases from baseline, according to OPKO. The company said it plans to present results at the American Diabetes Association meeting from June 7 to 11 in San Francisco. Contact Dennis Fitzgerald at dennis@proactiveinvestors.com
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