ChemoCentryx Up 70%, Lead Drug Meets Phase II Objective

ChemoCentryx Inc CCXI gained more than 70 percent Friday on news that its lead drug candidate met with success in a Phase II study.

Shares of the company changed hands recently at $7.57, up 68 percent.

Chief Executive Thomas J. Schall said results will enable the launch of a Phase III trial, and that the company is ""well-positioned to advance partnering discussions" concerning the drug.

The company's CCX140 treatment for diabetic nephropathy, a form of kidney disease, met its primary end point and was found to improve certain chemical measures associated with a risk of decreased kidney function.

The year-long trial, involving 332 patients in Europe, didn't raise safety issues that would prevent further trials.