Adamas Pharmaceuticals Surges 30% Following Positive Phase 3 Results

Shares of Adamas Pharmaceuticals Inc (NASDAQ: ADMS) spiked higher by more than 30 percent early Wednesday after the company announced positive top-line Phase 3 results of ADS-5102 for patients with Parkinson's Disease.

Adamas Pharmaceuticals said that results from its randomized, placebo-controlled study showed a "statistically significant reduction (p=0.0009) in LID at 12 weeks for patients who received ADS-5102 versus a placebo."

"We are very pleased with these top-line results that confirm and extend the positive findings from our earlier randomized, placebo-controlled study," stated Gregory T. Went, Ph.D., Chairman and Chief Executive Officer of Adamas Pharmaceuticals, Inc. "Parkinson's disease patients have no approved medicine for this potentially serious complication of levodopa therapy. With these data in hand, we look forward to talking with the FDA about our planned NDA submission for ADS-5102."

The stock traded recently at $22.67, up 34 percent in the pre-market session.