U.S.-listed shares of Genfit soar 24% after positive results from late-stage trial of treatment for rare type of liver disease

The U.S.-listed stock of Genfit S.A. (GNFT.FR) soared 27% premarket Friday, after the French biotech and partner Ipsen announced positive results from a late-stage trial of a treatment for a rare liver disease. The Phase 3 trial dubbed Elative evaluated elafibranor as a treatment for primary biliary cholangitis, or PBC, in patients who have an inadequate response or intolerance to the current standard of care therapy, ursodeoxycholic acid. The trial met its primary endpoint of a statistically significant number of patients achieving meaningful cholestasis response compared to placebo. Some 51% of patients taking an 80mg dose achieved a cholestasis response compared with 4% on placebo. PBC is a rare, progressive, autoimmune liver disease in which bile ducts in the liver are gradually destroyed. It's a leading cause of liver transplantation and most affects middle-aged women, with nine women diagnosed for every man. The trial involved 161 patients. Full data will be disclosed at a future scientific congress, the companies said in a joint statement. Genfit's stock has fallen 8% in the year to date, while the S&P 500 has gained 14.5%.

-Ciara Linnane

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06-30-23 0645ET

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