Intra-Cellular Therapies Inc (NASDAQ: ITCI) was one of the top gainers ahead of Christmas. The stock opened with a gap up on the 23rd of December, and closed higher, recording gains of 5.42% on the 24th of December. This came after the company announced that, the regulator had approved CAPLYTA, a treatment for schizophrenia.
The approval came after two trials revealed that, the treatment had a significant difference from the placebo. The difference came mainly in the side effects. The company announced that, the common side effects of the treatment were dry mouth and sleepiness. These side effects happened at a rate that was twice that of the patients that were put under the placebo.
Besides the side effects, the company announced that there were a host of other changes that were noticed. Some of them were a significant change in weight gain, triglycerides, fasting glucose, and total cholesterol. These were similar to those that were put under the placebo. According to the company, most patients usually discontinue treatment for schizophrenia due to side effects that are similar to those mentioned above. It added that, it intends to start selling the new treatment towards the end of Q1 in 2020.
The effectiveness of CAPLYTA, was demonstrated in pooled short term data that showed that, the occurrence of extrapyramidal symptoms stood at 6.7% for the treatment, as compared to 6.3% for the placebo used. Commenting on this, the company CEO, Sharon Mates stated that, they believe CAPLYTA offers healthcare providers a new and effective treatment that will be a ray of hope for millions of patients suffering from schizophrenia. She added that, the approval was the sum total of years of research, and that the company was grateful to the patients, caregivers, and professionals that played a role in the development of the new treatment.
From its price action on the 24th of December, the stock traded between $36 and $41.80 before closing the day at $38.49. Volumes in the day stood at 13.09 million.
About Intra-Cellular Therapies Inc
Intra-Cellular Therapies Inc is a biopharma company that develops new treatments for neuropsychiatric disorders. It is based in New York, New York.