ISTA Pharmaceuticals jumps on positive drug trial
Shares of ISTA Pharmaceuticals Inc. (Nasdaq: ISTA) took off this afternoon on news of a successful trial of the company’s anti-inflammatory drug.
The Irvine, Calif.-based maker of ophthalmic (dealing with the visual pathways, such as the eye and brain) drugs announced after the start of trading that its topical non-steroidal anti-inflammatory compound outperformed a placebo in a study of 500 patients who underwent cataract surgery.
Patients treated with Xibrom did not develop ocular inflammation within 15 days after the surgery and did not experience ocular pain beyond the first day. The positive results were reported at the ongoing annual meeting of the American Academy of Ophthalmology in New Orleans, La.
At 3:44 p.m. ET, shares of ISTA Pharmaceuticals Inc. (ISTA) had added $0.76, or 14%, to $6.27. The 52-week high of $10.74 was touched on April 25, while the 52-week low of $5.51 was established on Nov. 9.
