Here's Why Apellis Pharmaceuticals Shares Are Rising

Apellis Pharmaceuticals Inc APLS shares are trading higher by 8.6% at $43.49 after the company announced Pegcetacoplan showed continuous and clinically meaningful effects at month 18 in Phase 3 Derby and Oaks studies for geographic atrophy.

Apellis Pharmaceuticals says, at month 18, Pegcetacoplan continued to demonstrate a favorable safety profile, consistent with safety at 12 months and longer-term exposure to intravitreal injections. The rate of infectious endophthalmitis was 0.044% per injection, and the rate of intraocular inflammation was 0.23% per injection.

"Pegcetacoplan is the only therapy to continuously reduce GA lesion growth across a large and broad patient population in Phase 3 studies. Building on our 12-month results, both monthly and every-other-month pegcetacoplan demonstrated clinically meaningful effects and a favorable safety profile with longer-term use," said Federico Grossi, M.D., Ph.D., chief medical officer at Apellis.

"We look forward to submitting these data to the FDA and working with regulatory agencies to bring pegcetacoplan to people living with GA around the world as quickly as possible," Grossi stated.

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Apellis Pharmaceuticals is a clinical-stage biopharmaceutical company.

Apellis Pharmaceuticals has a 52-week high of $73.00 and a 52-week low of $27.50.