Aldeyra Therapeutics Surges 38%: Here's Why

Shares of Aldeyra Therapeutics Inc (NASDAQ: ALDX), a nano-cap biotechnology company, surged higher by more than 38 percent Monday morning after the company reported positive results from a Phase IIa clinical trial.

Aldeyra Therapeutics reported that the results from a randomized, parallel-group Phase IIa clinical trial of topical ocular NS2 in subjects with induced allergic conjunctivitis demonstrated statistically significant activity in reducing ocular itching and tearing.

Aldeyra Therapeutics added that NS2 was generally well tolerated and there were no safety concerns.

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Commenting on the results, Todd C. Brady, M.D., Ph.D., president and CEO of Aldeyra, said, "To our knowledge, the data from this clinical trial represent the first example of clinical efficacy of an aldehyde trap in human disease. We are thrilled with the outcome of this trial and believe that the results suggest important insight into the physiology of inflammation and further applicability of aldehyde trapping in the treatment of inflammatory disease."

At the time of this publication, Aldeyra was up 38.25 percent on the day, trading at $5.16.