Progenics Pharma Up 30% on Positive Phase 3 Results
Progenics Pharmaceuticals (NASDAQ: PGNX) is up 30% today after the company announced that a Phase 3 trial studying an opioid-induced constipation demonstrated safety and efficacy. The treatment met all primary endpoints in two of three different population groups when compared to the placebo group. The trial was conducted in collaboration with Salix Pharmaceuticals (NASDAQ: SLXP).
Salix's Chief Development Officer Bill Forbes was enthusiastic about the results. "We are extremely pleased with the outcome of the Phase 3 trial. The results of the study show a clear dose response for oral methylnaltrexone. We look forward to presenting detailed data from this study at a medical conference in 2012, as well as submitting the New Drug Application for this oral formulation in mid-year 2012."
Opioids are often prescribed to relieve pain in patients suffering from major illnesses. Constipation is an unfortunate side effect of many opioid drugs, and both Salix and Progenics hope that their drug will help to relieve this side effect.
Shares of Progenics Pharma are currently up +$2.00 (30.86%), while Salix Pharma is currently up +$3.73 (8.64%).
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