Share in Peregrine Pharmaceuticals(NASDAQ:PPHM) rose
more than 47 percent on Friday as trials of its experimental drug for lung
cancer patients showed that patients taking the drug lived twice as many months
as those treated with only chemotherapy.
The company plans to continue testing the drug
bavituximab as a second-line treatment for lung cancer and it also hopes to move
soon to get a partner to help its fund the next phase of clinical trials.
King recently told
Minyanville that he’s had 15 meetings with potential development partners. A
partner would help Peregrine pay for the third and final phase of studies
generally needed for US approval of a new treatment. King said he hopes to find
a partner that would allow Peregrine to retain some of the US sales rights for
the drug if it should ever be approved.
“We are currently in discussions with several potential pharmaceutical partners who have expressed great interest in our bavituximab oncology program,” Peregrine CEO Steven King said in a statement on Friday.
“We are currently in discussions with several potential pharmaceutical partners who have expressed great interest in our bavituximab oncology program,” Peregrine CEO Steven King said in a statement on Friday.
Will PPHM
Continue To Hit New Highs? Find Out Here
The shares soared 47 percent before trading was
brought to halt in the Nasdaq and made multi year high of $5.08.
The stock has already gained 600 percent in the past
three months.
In the Phase-1 clinical trials where 121 patients were
studied, those who given a lower dose of bavituzimab and the chemotherapy drug
docetaxel lived for 11 more months compared to just 5.6 months for patients who
were treated with chemo and placebo.
Researchers presented the data on the trials at a
medical meeting in Chicago on Friday afternoon.
Docetaxel is currently used for lung cancer patients.
Sanofi (SNY) sells the drug branded as Taxotere, while Hospira (HSP) sells
generic docetaxel.
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