Nexvet Biopharma Gains 15%, Company Reports Positive Results From Pilot Field Study

Shares of Nexvet Biopharma plc (NASDAQ: NVET), a nano-cap clinical-stage biopharmaceutical company that focuses on developing therapies for companion animals, surged higher by more than 15 percent early Thursday morning.

Nexvet Biopharma reported results from its NV-02 pilot field study in cats with osteoarthritis. The company said that the study achieved statistically significant efficacy results in the study and plans on proceeded to a pivotal (human Phase III equivalent) efficacy and field safety study which is expected to begin later in 2016.

Related Link: 7 U.S. States Have Shrinking Economies While The Rest Of The Country Booms

"Chronic feline pain is an area of major unmet medical need, with no pain medications approved for chronic use in cats in the United States. Nexvet's proprietary surveys and third-party research demonstrate strong veterinarian demand for safe and effective feline pain products with convenient dosing approved for chronic use. Today's results are consistent with our previous studies of NV-02, and highly supportive of NV-02's ability to meet its target product profile.

"We believe this profile could make NV-02 a first-mover in this potentially significant market. This data also further supports the safety and efficacy of Nexvet's portfolio of ‘100 percent species-specific' anti-NGF mAbs for controlling chronic pain in companion animals," commented Dr. Mark Heffernan, chief executive officer of Nexvet.