Shares of biopharmaceutical company Vistagen (NASDAQ:VTGN) are up over 600% at the time of writing after it announced positive top-line results from a Phase 3 study evaluating fasedienol, its investigational therapy, nasal spray for the treatment of social anxiety disorder (SAD) in adults.
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The study reached its primary as well as secondary endpoints, demonstrating a statistically significant rapid-onset reduction in subjective units of distress scale (patient-reported) as compared to placebo. Additionally, the spray was observed to be well tolerated and showed a favorable safety profile.
An estimated 25 million people in the U.S. are diagnosed with social anxiety disorder and fasedienol has now become the first investigational therapy to deliver positive Phase 3 data in SAD in more than 15 years.
The company has now closed the Study and is undertaking additional data analysis. The results are expected to be presented at future scientific meetings.
With today’s price explosion, Vistagen shares are now up nearly 148% over the past year. Short interest in the stock is now hovering at about 5.9%.
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