Reata Shares Jump 35% After Neuromuscular Disorder Drug Study Meets Endpoint

(RTTNews) - Shares of Reata Pharmaceuticals Inc. (RETA) jumped 35% after hours Monday after the biotech company announced positive results from a clinical trial for a neuromuscular disorder treatment.

Reata said the registrational Part 2 portion of the MOXIe Phase 2 trial of omaveloxolone in patients with Friedreich's ataxia met its primary endpoint of change in the modified Friedreich's Ataxia Rating Scale relative to placebo after 48 weeks of treatment.

Patients treated with omaveloxolone showed significant, placebo-corrected improvement in mFARS after 48 weeks of treatment, the company said.

"The results of MOXIe represent a truly historic moment for the patients, families, and caregivers that comprise the Friedreich's ataxia community," said Ronald Bartek, President of the Friedreich's Ataxia Research Alliance (FARA).

Friedreich's ataxia is a debilitating and degenerative neuromuscular disease that results in loss of coordination, muscle weakness and fatigue and can ultimately lead to death. There are currently no treatments approved by the Food and Drug Administration for the disease. It affects about 22,000 globally, the company said.