Shares of Cidara Therapeutics Inc. shot up 14% toward a 13-month high in premarket trade Monday, after the biotechnology company said its lead antifungal drug candidate met all of its primary objectives in a phase 2 trial. The results allow Cidara to continue with its plan to launch phase 3 trials in mid-2018. Cidara’s Rezafungin is a novel antifungal echinocandin being developed as a therapy for the treatment and prevention of serious invasive fungal infections. “This is the first time that any antifungal has shown the potential to be a safe and effective once-weekly treatment option for patients with difficult-to-treat and deadly invasive Candida infections, which may enable patients to leave the hospital earlier, saving money and improving care,” said Chief Executive Jeffrey Stein. The stock has rallied 10.5% over the past 12 months through Friday, while the iShares Nasdaq Biotechnology ETF has climbed 14.5% and the S&P 500 has run up 15.7%.
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