March 19 (Reuters) - Arena Pharmaceuticals Inc said on Monday a higher dose of its experimental drug succeeded in improving symptoms associated with ulcerative colitis, a chronic bowel disease, in a mid-stage study, sending its shares up 24 percent.
The company's shares, which surged as much as 62 percent to $50 after the bell, were trading at $38.20.
Arena said patients receiving the oral treatment showed statistically significant improvement in stool frequency, rectal bleeding and findings on endoscopy, compared with a placebo.
The company said it planned to move the drug, etrasimod, to late-stage trials based on the data.
Read more: https://www.cnbc.com/2018/03/19/reuters-america-update-1-arena-pharmas-bowel-disease-drug-meets-study-goal-shares-surge.html