Pharmacopeia, Inc. (NASDAQ: PCOP) is seeing shares surge in pre-market and at the open of trading today.
The company said that PS433540, its first-in-class Dual Acting Receptor Antagonist, showed statistically significant blood pressure reductions in a Phase IIa study in patients with mild to moderate hypertension.
PS433540 is being evaluated and developed as a potential treatment for hypertension and diabetic nephropathy, and the company said this is a novel blood pressure product candidate that possesses two validated action mechanisms in a single molecule.
The data will be presented today at the at the American Society of Hypertension Scientific Meeting and Exposition in New Orleans.
The company has also announced that it will seek to release a Phase IIb result of 375 subjects in Stage I and II hypertension to evaluate safety and efficacy at three different doses versus placebo at the end of 2008.
While there are millions of Americans with hypertension and while there are many hypertension medications that have been on the market for years, the novel aspect of this is the single molecule that addresses hypertension and the possible complications from that mixed with diabetes.
Shortly after the open, shares are up almost 40% at $4.49 on nearly 1 million shares. Its 52-week trading range is $2.89 to $6.14 and its current market cap is only $133 million. As of last look, the company had $61.4 million in cash on the books.
Jon C. Ogg
May 16, 2008