Heron Therapeutics Inc. (NASDAQ:HRTX) shot higher after reporting positive results from Phase 3 trials of its anesthetic for patients undergoing bunionectomy procedures and hernia repair.
Shares climbed 32% in early U.S. trading Monday, to US$28.50 a share.
To submit NDA in second half of 2018
The biotech company said the late-stage trials of its HTX-011 demonstrated "statistically significant reductions in both pain intensity and the use of opioid rescue medications through 72 hours following surgery."
Barry D. Quart, CEO of Heron Therapeutics, said company officials "look forward to submitting a New Drug Application for HTX-011 to the U.S. Food and Drug Administration in the second half of 2018."
"If approved, we believe that HTX-011 could have a significant impact on the opioid crisis by reducing the use of opioids after surgery, while at the same time allowing patients to experience less pain," Quart said.