Shares of ContraVir Pharmaceuticals (NASDAQ:CTRV) are near the top of Nasdaq's leaderboard following the drug developer disclosing initial observations from the data collected from the first cohort during part one of a phase 1/2a clinical trial of CRV431 for treating hepatitis B virus (HBV). Dosing of the first cohort, which began on June 25, was recently completed.
The trial is designed to have three parts, with the first part enrolling healthy patients and structured to evaluate the safety, tolerability and pharmacokinetic profile of CRV431, an oral, non-immunosuppressive analog of cyclosporine A that acts by inhibiting cyclophilin isomerase, which is integral in protein folding.
Part two will include a single dose of CRV431 in combination with Gilead's (NASDAQ:GILD) Viread (tenofovir disoproxil fumarate). Part three will analyze the safety, tolerability, pharmacokinetics and antiviral efficacy of CRV431 in stable HBV patients already on Viread.
Ultimately, the goal is to develop a novel, all-oral therapeutic regimen to functionally cure patients with hep B.
The Edison, New Jersey-based company called preliminary data "encouraging" with results suggesting that CRV431 is safe, well tolerated and has a favorable pharmacokinetic profile, including good oral bioavailability of the drug candidate.
Shares of CTRV have languished since hitting $21.20 in October 2016, falling all the way down to a low of 85 cents on Friday. On Monday, the stock has rebounded on the optimistic, albeit very early, clinical data.
After closing last week at 91 cents, shares of CTRV gapped upward to $1.11 following the news and rose as high as $1.30 before losing some steam as the morning wears on, currently standing at $1.03 for a gain of 13.30% so far on the day as the noon hour approaches on Wall Street.
