Albireo Pharma News: Why ALBO Stock Is Soaring 45% Today

Albireo Pharma (NASDAQ:ALBO) is in the news Tuesday after recent clinical trial results send ALBO stock soaring higher.

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An Albireo Pharma news release notes that the company saw positive results from its recent Phase 3 clinical trial of odevixibat. Odevixibat is a liver drug being developed by the company to reduce serum bile acid responses and offer improved pruritus assessments.

The company’s clinical trial saw odevixibat meet both of its primary endpoints. That includes its ability to act as a “highly potent, non-systemic ileal bile acid transport inhibitor (IBATi)” in patients suffering from familial intrahepatic cholestasis (PFIC).

Ron Cooper, president and CEO of Albireo Pharma, said this about the news.

“The successful clinical application of IBAT inhibition is all about the ability to lower bile acids and reduce diarrhea rates. Odevixibat reduced bile acids in both PFIC1 and PFIC2 patients and demonstrated a clinically meaningful outcome in pruritus. This is exciting news for children suffering from PFIC who, if odevixibat is approved, may soon have an easy to take, once-daily drug for their life-threatening liver disease.”

Albireo Pharma says it plans to complete regulatory filings in the U.S. and Europe by early 2021. It’s also hoping to receive a rare pediatric disease priority review voucher that will allow it to launch odevixibat in the second half of that year. The company will also be continuing current studies and plans for more trials of the drug.

ALBO stock was up 44.5% as of Tuesday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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