Medincell shares soared by over 13% on Thursday morning on the Paris Bourse, following yesterday's announcement of the success of its clinical trial for the treatment of schizophrenia.

With this increase, the biopharmaceutical company's shares posted the second-highest rise on the Paris market, raising its market capitalization by 50 million euros to over 482.5 million euros.

The listing of the company specializing in long-acting injectable drugs had been suspended yesterday morning just before the publication of the results of its Phase 3 study, conducted with the Israeli company Teva.

The study confirmed the potential of the company's proprietary BEPO technology, which controls the release of a drug at a therapeutic level for several days, even weeks or months, from a single injection.

The study, which was designed to measure the efficacy of a monthly long-acting subcutaneous injection of Teva's antipsychotic olanzapine, met its primary endpoint in all groups compared with the placebo group.

The Israeli generic company and its French partner even reported 'clinically remarkable' and statistically significant reductions in the total score on the Positive and Negative Symptoms Scale (PANSS), a widely used assessment tool for gauging the severity of schizophrenia symptoms.

There is currently no option for treating schizophrenia with long-acting olanzapine without the risk of post-injection delirium/sedation syndrome (PDSS).

As such, the development of new innovative long-acting treatment options could better address the needs of these patients, who often experience relapse episodes.

Teva and Medincell state that further efficacy and safety results from the Phase 3 study are due to be presented at a scientific conference later this year.

An estimated 3.5 million people are currently diagnosed with schizophrenia in the USA alone.

Last month, Medincell also announced a strategic partnership with the American group AbbVie, with a potential value of $1.9 billion.

The licensing agreement covers the development and commercialization of up to six products in different therapeutic areas and target indications of AbbVie, best known for its flagship rheumatoid arthritis drug Humira.

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