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InDex bowel disease drug at highest dose reduces symptoms in mid-stage study

InDex Pharmaceuticals Holding AB (publ) said the highest dose of its investigational drug cobitolimod reduced the symptoms of certain patients with a type of bowel disease in a mid-stage study.

The phase 2b trial, known as Conduct, evaluated the safety and effectiveness of cobitolimod's three doses — 250 milligram, 125 milligram and 30 milligram — in helping 213 patients with left-sided moderate to severe active ulcerative colitis achieve clinical remission, or when symptoms are reduced to the point they were mostly gone, compared to placebo.

Ulcerative colitis is a chronic inflammatory bowel disease. In left-sided ulcerative colitis, the inflammation only affects the colon's left side.

Results showed that 21.4% of patients treated with the drug's 250-milligram dose achieved 15% superior effectiveness in clinical remission after six weeks of treatment, versus the placebo group's 6.8%.

For the 125-milligram dose of cobitolimod, 9.5% of patients who were given the drug 4x achieved clinical remission and 4.7% for those who received it twice.

Meanwhile, clinical remission was reached by 12.5% of the patients administered with 30-milligram cobitolimod.

Complete results of Conduct will be published in a scientific journal and will be presented by InDex at upcoming medical conferences.

The company's shares were up 31.77% to 10.70 Swedish kronor as of 3:13 a.m. ET following news of the study's results.

Stockholm-based InDex Pharmaceuticals appointed Carnegie Investment Bank AB and Pareto Securities AB as financial advisers to evaluate the capital structure and potential future financing alternatives.