BioDelivery Sciences International stock jumped 51 percent Friday after the Raleigh company reported positive clinical trial results for its experimental treatment for chronic pain.
BioDelivery Sciences and Malvern, Penn.-bsed Endo Pharmaceuticals announced late Thursday that results from the first phase of a Phase 3 clinical trial of BEMA Buprenorphine improved chronic pain relief when compared to a placebo.
The results triggered a $10 million milestone payment from Endo to BioDelivery Sciences.
The second phase of the trial is ongoing, and results are expected to come later this year. Those would also trigger a similar milestone payment for BioDelivery Sciences and, if successful, could lead to a new drug application for BEMA by the end of this year.
BioDelivery Sciences also expects to begin Phase 3 clinical trials for its drug Clonidine, a gel to treat painful diabetic neuropathy, a condition that afflicts some people suffering from diabetes, by the first quarter of next year.
BioDelivery Sciences shares closed at $9.41, up $3.16. The stock is up 121 percent over the past year.