Shares jump as Array BioPharma reports positive results for asthma drug
US biotech firm Array BioPharma (Nasdaq: ARRY) saw its shares jump as it announced that its drug candidate for mild to moderate persistent allergic asthma, ARRY-502, an oral CRTh2 antagonist, met all primary and secondary endpoints.
The company said that the positive results from a placebo-controlled, randomized, double-blind Phase II trial show ARRY-502 met the primary endpoint of significant improvement in pre-bronchodilator Forced Expiratory Volume in one second (FEV1), a measure of lung function. It was also well tolerated with fewer adverse events compared to placebo.
BusinessWeek said shares of Array BioPharma jumped in premarket trading today with the announcement. Shares jumped 17.8%, or $0.99, to $6.55 in pre-market trading, nearly reaching the year high of $6.56.
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