Here's Why Cara Therapeutics Rose 11.3% in July
Shares of Cara Therapeutics (NASDAQ: CARA) rose over 11% last month, according to data provided by S&P Global Market Intelligence. The clinical-stage company announced multiple milestones for an oral formulation of its lead drug candidate, Korsuva.
In July, the oral formulation started a phase 2 study to evaluate its safety and effectiveness in treating pruritus (read: severe itching) in patients with atopic dermatitis (read: a condition marked by red and itchy skin). Cara Therapeutics also announced that an interim statistical review of a phase 2 study in pruritus in patients with chronic kidney disease (CKD) didn't require expanding the size of the trial, which stands at 240 patients. That suggests it's powered to deliver statistical significance and can remain on the original timeline for completion.
Shares would have ended the month even higher if not for a public stock offering that raised $145.5 million in gross proceeds at the end of July. The business ended March with $134 million in cash.
Quelle Fool.com
