Why pSivida And Alexza Are Skyrocketing
Two of the top early gainers on Tuesday include pSivida Corp. (NASDAQ: PSDV) and Alexza Pharmaceuticals, Inc. (NASDAQ: ALXA), both up nearly 50 percent before a slight sell-off.
pSivida's stock has a new high for the year, following the company's announcement of positive topline results from its first Phase 3 clinical trial evaluating the safety and efficacy of Medidur, for the treatment of chronic noninfectious uveitis affecting the posterior of the eye (posterior uveitis).
Dr. Glenn Jaffe, principal investigator of the trial and Chief of the Division of Retinal Ophthalmology, said, "The results of this Phase 3 trial are extraordinary. With a single injection, Medidur showed the ability to control the recurrence of posterior uveitis, improve visual acuity and prevent vision loss."
Alexza also made an announcement that it has released its interim results of its Phase 2a study of AZ-002 (Staccato® alprazolam) in epilepsy patients. AZ-002 produced a dose-related decrease in mean Standardized Photosensitivity Range (SPR), the primary endpoint in the study.
The AZ-002 medicine is being developed for epilepsy in patients with acute repetitive seizures (ARS).
The company's return on investment to date is -309.10 percent.
On Monday, Alexza Pharmaceuticals shares closed at $0.88. The company's monthly performance is currently at -9.21 percent, while its year to date performance is -41.07 percent.
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