Cara Therapeutics, Inc. (NASDAQ:CARA) shares gained 10% in late morning trading following the recent evaluation of its trial for Cr845. The trial will continue under the guidance of the Independent Data Monitoring Committee.
Cara, a biopharmaceutical company that focuses on developing chemical entities to alleviate pain and pruritus, announced the continuation of its phase 3 trial of I.V. Cr845 following an interim assessment. Patients participating in the trial received 2 doses of Cr845. Cara reports that both doses have been well tolerated in more than 1200 subjects to date.
Cara developed Cr845, a kappa opioid receptor agonist, to treat acute and chronic pain following abdominal surgery. The trial measures the change in pain intensity over the 24-hour period following the surgery based on the patient-reported Numeric Rating Scale (NRS) score.
Because the trials are continuing, the study appears to not have reached the primary endpoint yet.
At first, investors appeared to be disappointed with the news. Cara shares declined 4% during pre-market trading. However, the company’s stock has since rallied to $19.41 per share, the highest level it has been since March 2017.
The trial will continue to test 2 doses of Cr845 versus placebo in up to 450 patients undergoing abdominal surgery at 30 clinical sites throughout the U.S. Cara expects this trial to be completed in the fourth quarter of 2017.
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