CARA - CARA Stock: The Huge FDA News Sending Cara Therapeutics Skyrocketing Today
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Shares of Cara Therapeutics (NASDAQ:CARA) stock are climbing higher on Tuesday following some positive news for one of its drugs on Monday afternoon.
According to the release, the U.S. Food and Drug Administration (FDA) approved KORSUVA as an injection for the treatment of moderate-to-severe pruritus related to chronic kidney disease in adults undergoing hemodialysis. KORSUVA is “first-in-class kappa opioid receptor (KOR) agonist that targets the body’s peripheral nervous system.”
Moreover, KORSUVA’s new drug application (NDA) received priority review by the FDA. This designation is only given to treatments that, if approved, “would offer significant improvements in the safety or effectiveness of the treatment, diagnosis, or prevention of serious conditions when compared to standard applications.”
The release from Cara Therapeutics also states this is the first and only therapy approved by the FDA for the treatment of pruritus associated with chronic kidney disease in adults undergoing hemodialysis. Additionally, the firm expects to launch the injection during the first quarter of fiscal year 2022.
Derek Chalmers, Ph.D., D.Sc., president and CEO of Cara Therapeutics, had this to say about the CARA stock news.
“The FDA approval of KORSUVA™ injection is a transformational milestone for Cara and a significant advancement for the substantial number of adult hemodialysis patients suffering from moderate-to-severe pruritus. We look forward to working closely with our commercial partner, Vifor Pharma, to launch KORSUVA™ injection in the U.S in the coming months. We extend our deepest gratitude to the patients who participated in our KALM-1 and KALM-2 clinical trials, the study investigators, and especially our employees, as their commitment through over 10 years of collective effort made this important milestone possible.”
CARA stock was up 2.8% as of Tuesday afternoon.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Nick Clarkson is a web editor at InvestorPlace.
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