MiRagen stock rises on positive Phase I data

BOULDER  — Investors pushed stock in MiRagen Therapeutics Inc. (Nasdaq: MGEN) past $1 per share for the first time since last month after the company said it has positive outcomes for a drug in its pipeline.

The Boulder-based oncology and RNA therapy company said it received positive proof-of-drug data for MRG-110, a drug candidate designed to treat heart failure and incisional wounds in the heart for recent surgery patients. Phase I trials are meant to test how the drug reacts with healthy volunteers to determine side effects and other safety issues.

“We believe this adds to the growing body of evidence that microRNA targeting may be a new avenue to treat complex diseases,” MiRagen president and CEO William Marshall said in a prepared statement.

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The company is currently presenting the data at the Oligonucleotide Therapeutics Society conference in Munich, Germany.

The positive results come two months after the company laid off 26 employees and reduced research efforts into pre-trial drug candidates, and after a French pharmaceutical company cut its research agreement with MiRagen short.

Former Chief Financial Officer Adam Levy also resigned in July to join Boulder-based Brickell Biotech Inc.(Nasdaq: BBI), which was in the midst of a reverse merger with the now-absorbed oncology company Vical Inc.

MiRagen stock peaked at $1.07 per share, a 26 percent increase from open, before closing Wednesday’s trading at 95 cents per share.