NEW YORK – An experimental blood pressure medicine being developed by Pharmacopeia Inc proved significantly better than a placebo in a mid-stage study, sending shares of the tiny biotechnology company soaring more than 40 percent Friday.

The medicine, PS433540, demonstrated statistically significant blood pressure reductions in patients with mild to moderate hypertension, according to data presented at the American Society of Hypertension (ASH) scientific meeting in New Orleans.

“The magnitude of the blood pressure reductions we saw in this study were very impressive, and we look forward to further evaluating the benefits of this novel compound,” Dr Joel Neutel, associate professor of medicine at the University of California in Irvine and the study's lead researcher, said in a statement.

The drug, from a new class of medicines with a dual mechanism of action, met the primary goal of the study by showing a significant reduction in mean 24-hour systolic ambulatory blood pressure over placebo.

The study also showed significant improvements over placebo in mean 24-hour diastolic ambulatory blood pressure as well as in blood pressure measured while patients were seated – the typical blood pressure measure, researchers said.

Once-daily treatment with 200 milligrams or 500 mg of PS433540 was well tolerated, researchers said, with most of the adverse events reported mild or moderate in severity, including headaches and minor musculoskeletal and respiratory complaints.

Pharmacopeia shares were up 46 percent to $4.65 in pre-market trading.

(Reporting by Bill Berkrot, editing by Dave Zimmerman)