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Positive New Info on HCV Protease Inhibitor ITMN-191
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Shares Of InterMune Rise On Drug Trial Results [ITMN]
http://www.rttnews.com
4/1/2008 10:34:11 AM Shares of InterMune (ITMN) rose sharply in the early stages of Tuesday's trading, boosted by positive results from a drug trial. The stock was up nearly 27% during the first hour of the session after an experimental hepatitis C drug showed strong results in an early-stage study.
The stock was up $3.83 to $18.41, reaching its highest level since January of this year.
The biotechnology firm announced early Tuesday that top-line results from an ongoing Phase 1b clinical trial of ITMN-191 showed positive results for patients with chronic hepatitis C virus or HCV infection. The treatment with ITMN-191 resulted in rapid and significant reductions in virus, the company said.
ITMN-191 was safe and well tolerated, no serious adverse events were reported, and no subject discontinued the study due to an adverse event, according to the Brisbane, California-based company. Adverse events were generally mild and transient in nature, the company noted.
InterMune, along with its partner Roche, plans to initiate a 14-day triple combination therapy trial with Pegasys and Copegus. The 14-day triple combination study is expected to begin in the second quarter of 2008, assuming timely approvals by the relevant authorities.
The company is also exploring the combination of ITMN-191 with other small molecule compounds.
Dan Welch, president and CEO of InterMune, said in a statement, "With rapid and substantial anti-viral effect at twice daily doses and an excellent safety and tolerability profile to date, ITMN-191 has the potential to be the best-in-class protease inhibitor for the treatment of patients with chronic hepatitis C virus infection."
In February, the company reported a loss for the fourth quarter of $25.8 million, or $0.66 per share. This was wider than the same period last year, when it recorded a loss of $21.5 million, or $0.64 per share. Still, the company's bottom-line result came in better than the loss of $0.73 per share that analysts were expecting.
The company reported that its fourth quarter total revenues were $9.6 million. Analysts had projected a revenue figure of a little under $9.7 million.
In the quarterly report it released in February, the company projected fiscal year 2008 research and development expenses of $100-$110 million and general and administrative expenses to range between $25 million and $30 million.
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