Transition Therapeutics says diabetes drug shows positive results

Tue Apr 30, 2013 10:05am EDT
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April 30 (Reuters) - Transition Therapeutics Inc said an early-stage study of its experimental type 2 diabetes drug showed significant improvement in blood sugar control and reductions in body weight, sending its shares up more than 65 percent.

A once-weekly administered dose of the drug, codenamed TT-401, showed an acceptable safety and tolerability profile for all doses.

The drug was tested in five doses on diabetic patients and in one dose on non-diabetic obese patients, the company said.

Shares of Transition Therapeutics, whose other products include a treatment for Alzheimer's disease, touched a high of C$3.72 on Tuesday on the Toronto Stock Exchange.

The company's Nasdaq-listed stock was trading up 49 percent at $3.35. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Roshni Menon)