Avanir Pharmaceuticals Inc., an Aliso Viejo-based drug maker that’s struggled as of late, said Wednesday that a clinical trial showed that its Zenvia drug candidate significantly lessened nerve pain in diabetics.
Investors were pleased with the results. Shares of Avanir shot up 308% to $5.19 on Wednesday after closing at $1.27 Tuesday on Nasdaq.
The study showed that diabetic patients with nerve pain who got Zenvia, instead of a placebo, reported significantly less pain in during a 90 day period, Avanir said.
The drug maker also said that participants who took Zenvia reported improvements on pain relief and intensity scales.
Avanir’s shares once traded as high as $18.14 in February 2006, but eventually fell sharply, reaching a low of $1.07 last month.
The company saw several of its shares sold off in October, when regulators asked for more data on Zenvia instead of approving it.
Avanir said it plans to meet with the Food and Drug Administration to discuss the next clinical study for the drug.
