WASHINGTON (dpa-AFX) - Shares of Salix Pharmaceuticals Ltd. (SLXP) and Progenics Pharmaceuticals Inc. (PGNX) rose on Tuesday, after Salix reported a successful late-stage trial of oral methylnaltrexone for the treatment of opioid-induced constipation. Salix shares rose seven percent, while Progenics' stock jumped over 24 percent.
The phase 3 trial studied the efficacy and safety of oral methylnaltrexone for the treatment of opioid-induced constipation in patients with chronic, non-cancer pain.
Currently, methylnaltrexone is marketed as Relistor in injection form for the treatment of opioid-induced constipation in patients with advanced illness who are on palliative care.
The phase 3 study evaluated a once-daily oral methylnaltrexone dose of 150 mg, 300 mg and 450 mg compared with placebo for 84 days. The company said the test demonstrated highly statistically significant results for the primary endpoint in two of the three treatment arms compared to placebo. The higher doses treatment arm showed significant improvements in bowel movement within 4 hours of administration over 28 days of dosing.
Bill Forbes, EVP, Medical and R&D, and Chief Development Officer, Salix, said 'The results of this Phase 3 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 (NDA) for this oral formulation mid-year 2012.'
In July, Salix had bought the rights to sell constipation drug Relistor, except in Japan, from Progenics. Salix had to make an upfront payment of $60 million, and development milestones totaling $90 million, subject to meeting certain U.S. regulatory milestones.
SLXP is currently trading on the Nasdaq at $46.26, up $3.03 or 7.01%, on a volume of 2.4 million shares, above the three-month average volume of 1 million.
PGNX is currently trading on the Nasdaq at $8.03, up $1.55 or 23.92%, on a volume of 0.9 million, above three-month average volume of 0.1 million.
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© 2011 AFX News
