Vertex Pharmaceuticals Pops 60% on Positive Phase 2 Study

Shares of Vertex Pharmaceuticals

are seeing much strength during Monday's pre-market session after the company announced Phase 2 results, which showed significant improvements in lung function in people with Cystic Fibrosis. The results today are based on data from 37 homozygous F508del patients who completed treatment in the 56-day study and 11 patients with one or two copies of the F508del mutation who received placebo. There was a statistically significant improvement in lung function (absolute change in percent predicted FEV1) across the combined treatment groups relative to baseline compared to placebo. The study is ongoing and complete data, including statistical analyses for all patient groups, will be available in mid-2012. Vertex plans to start a pivotal study of VX-809 and KALYDECO in people with two copies of the F508del mutation, pending final study results and discussions with regulatory agencies. Evaluation of patients with one copy (heterozygous, n=21) of the F508del mutation is ongoing, but at the time of this interim analysis not enough patients had completed the study to make any conclusions. Currently, shares of Vertex Pharmaceuticals are trading up about 60% at $59.95 per share.