Shares of diet-drug developer Arena Pharmaceuticals Inc. (ARNA) jumped 22 percent Thursday, the most intraday since June 2009. The spike is attributed to the company’s experimental drug weight-loss trial results BLOOM (Behavioral modification and Lorcaserin for Overweight and Obesity Management), which could become the company’s first marketed product if approved by the Food and Drug Administration [FDA].
A study published in the New England Journal of Medicine has found that Lorcaserin, which is believed to carry the lowest cardiovascular risk, enables twice as many people to lose at least 5 percent of their body weight over one year, or more than double the rate of those getting a placebo.
Lorcaserin is set for a FDA review in September.
Shares of Arena gained 81 cents, or 18.69%, to $5.10 in recent trading.