Conshohocken-based Madrigal Pharmaceuticals saw its shares leap in value after the company reported additional positive late-stage clinical trial data for its experimental non-alcoholic steatohepatitis (NASH) treatment, called “resmetirom.” John George reported the positive development for the Philadelphia Business Journal.

NASH is an inflammatory disease characterized by the accumulation of liver fat in people who do not drink or drink little alcohol.

According to Dr. Paul Friedman, CEO of Madrigal Pharmaceuticals, the company plans to seek approval as a potential treatment for NASH in the first half of 2023.

In Madrigal’s second Phase-3 study, the new drug candidate achieved statistical significance in NASH resolution and improvement in fibrosis. Both outcomes are primary endpoints proposed by the FDA as “reasonably likely” to predict a clinical benefit.

“With these unequivocally positive Phase-3 data in hand, our path forward is clear,” said Friedman. “We are going to work as quickly as we can to submit the NDA.”

On Monday morning, the company’s stock was trading up 220 percent at $204.49. Madrigal’s market capitalization went from $1.45 billion at the beginning of the year to $4 billion. Shares closed up 268 percent for the day, at $234.83 per share.

Read more about Madrigal Pharmaceuticals in the Philadelphia Business Journal.