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(Reuters) – The shares of Viking Therapeutics Inc. more than doubled on Tuesday after its experimental treatment for liver disease reached the goals of a mid-term trial by lowering cholesterol and liver fat levels in patients.
The study tested Viking's VK2809 against placebo in patients with non-alcoholic fatty liver disease (NAFLD) and elevated levels of LDL-C, or "bad cholesterol".
Patients receiving the drug experienced a median reduction in liver fat of between 57% and 60%, while LDL-C levels decreased by one-fifth or more.
There is currently no approved treatment for nonalcoholic steatohepatitis or NASH – a type of NAFLD that is one of the fastest growing diseases in developed countries.
Successful pharmacists could enter a market of up to $ 30 billion a year.
In May, the shares of Viking's main rival, Madrigal Pharmaceuticals, also more than doubled after the company published mid-term test data showing that its flagship drug was reducing liver fat in patients with NASH .
Viking shares traded at $ 25 in pre-market trading on Tuesday after closing at $ 8.85 on Monday.
(Report by Tamara Mathias in Bengaluru, edited by Sai Sachin Ravikumar)
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