April 25, 2024
Bio
Yungjin Pharm shares rise 20% on mid-stage clinical trial results
[THE INVESTOR] Korean drug maker Yungjin Pharm said on Aug. 2 that it completed phase 2a clinical trials of its new lung treatment candidate YPL-001 in the US, sending its shares sharply up.
YPL-001 is a proposed therapy for chronic obstructive pulmonary disease, a group of lung diseases, characterized by the inability to breathe properly.
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“We have secured YPL-001’s safety data and evaluated the bioavailability, pharmacokinetics and pharmacodynamics of the drug candidate through the clinical study on 61 patients at four hospitals in the US,” the company said in a regulatory filing.
On the news, the company’s share price soared over 20 percent in early morning trading.
The completion of the clinical program also helped the shares to end its losing streak stemmed from the company’s weak earnings announced on July 27.
Yungjin Pharm reported an operating profit of 1.2 billion won (US$1.06 million) in the second quarter, down 45.5 percent from a year earlier.
By Park Han-na (hnpark@heraldcorp.com)
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