Bright Minds Biosciences (DRUG) said Tuesday its phase 2 study of BMB-101, to treat absence seizures and developmental and encephalopathic epilepsies, met the primary efficacy endpoint by showing a "robust" seizure reduction with a "favorable safety and tolerability" profile.

The trial enrolled a total of 24 participants and had a four-week baseline, four-week titration and maintenance period.

The company said the patients demonstrated a 73% median reduction in the number of absence seizure in the absence seizure group. It was also found to be "generally well tolerated" and there were no treatment-related serious adverse effects seen.

Bright Minds also said it has started preparations for global registrational trials in both absence seizures and developmental and encephalopathic epilepsies patients.

Shares of the company were up 28% in recent Tuesday premarket activity.

Price: 102.44, Change: +22.43, Percent Change: +28.03