Arena Pharmaceuticals Gains on Clinical Trial Results

The Associated Press reported that Arena Pharmaceuticals Inc. (NASDAQ:ARNA) surged Wednesday after reporting positive results from an early clinical trial of a possible treatment for autoimmune diseases.

As quoted in the market news:

The San Diego company said its drug ADP334 reduced patients’ lymphocyte counts in an early-stage study of 50 healthy volunteers compared with a control group that received a placebo. Arena Pharmaceuticals said that measurement is linked to success in clinical studies of other treatments for multiple sclerosis, psoriasis, and ulcerative colitis.

Shares of Arena Pharmaceuticals Inc. gained $1.52, or 45.8 percent, to $4.84 in midday trading.

Click here to read the full report from The Associated Press.