AbCellera Biologics' (ABCL) ABCL635 met the primary efficacy endpoints in the Phase 2 portion of a Phase 1/2 study, significantly lowering the frequency and severity of moderate-to-severe hot flashes versus placebo, the company said Monday.

The company said a single subcutaneous 600 mg dose reduced daily hot flash frequency by 8.8 events at week four versus 3.5 with placebo, while symptom severity declined by 1.4 points versus 0.3, resulting in placebo-adjusted differences of 5.3 events and 1.1 points, respectively.

ABCL635 also improved sleep and patients' global impression of change and was well tolerated, with no serious or severe adverse events or treatment discontinuations reported during the four-week period, AbCellera added.

AbCellera Biologics shares were up 28% in premarket trading.