Here's What Sent Egalet Soaring

Egalet Corp EGLT shares have bounced towards the upper end of the $6.70 to $8.11 trading range it has been locked in since November 11, on almost double their average volumes.

The company announced that top-line results from a Category 3 intra-nasal human abuse potential study of its Egalet-002 were positive.

The Product Candidate

Egalet-002 is an abuse-deterrent, extended release oxycodone product candidate, which uses the company's Guardian Technology. It's being developed to treat pain severe enough to warrant daily around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate.

The Study

Egalet-002 is in a Phase III trial, which was a randomized, double-blind, active and placebo-controlled 6-period crossover study. It evaluated the abuse potential of manipulated Egalet-002 compared to crushed immediate release oxycondine through the nasal route.

The Results

In terms of drug liking, manipulated Egalet-002, both its shelled and without-shell versions, were found to fare lower compared to crushed IR oxycodone.

Meanwhile, Eaglet is awaiting another catalysts before the year 2016 bids goodbye. The FDA decision on its lead drug candidate ARMYO ER, an abuse-deterrent formulation of morphine meant for long-term pain management, is still pending.

At last check, Egalet was up 13.2 percent to $7.94.