WASHINGTON (dpa-AFX) - Shares of Palatin Technologies, Inc. (PTN) gained 16% on Monday after the company announces completion of patient enrollment in phase 2 study of orally administered melanocortin agonist PL8177 in ulcerative colitis.
The mid-stage study is evaluating the safety, tolerability, efficacy, pharmacokinetics, and biomarkers of orally administered PL8177 in adult patients with active ulcerative colitis. The last patient visit is expected to occur in the first quarter of 2025, with topline data expected shortly thereafter.
'UC is a chronic, often debilitating, and growing condition that currently affects more than one million people in the United States,' stated Carl Spana, Ph.D., President and CEO of Palatin.
'Prior data has demonstrated that oral PL8177 caused diseased colons to move towards a healthy state and resolved damaging inflammation. By resolving inflammation rather than blocking it, oral PL8177 may provide efficacy to patients without the safety and tolerability concerns of immunosuppressive therapies and steroid treatments, which have significant safety and tolerability concerns. Additionally, oral PL8177, as a preferable and more convenient once-daily pill, could provide an alternative to UC patients apprehensive about using injectable therapies.'
Ulcerative colitis is a form of inflammatory bowel disease (IBD) that causes inflammation in the digestive tract and can result in damage to the colon lining.
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