Vertex Pharmaceuticals surges on cystic fibrosis drug results

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) shares are set to start Wednesday’s trading nearly 30% higher thanks to positive studies for a cystic fibrosis drug.

In a statement, after Tuesday’s market close, the drug maker released an update on Phase 1 and Phase 2 data from a study which showed an improvement in lung function in certain patients.

A further mid-stage study is due to start in August, and more date will be due in early 2018.

“These safety and efficacy data are clear and compelling, indicating significant potential benefit for people with CF from each of these three different triple combination regimens,” said Jeffrey Chodakewitz, Vertex chief medical officer.

“We will be collecting and evaluating additional data from these and other studies and will make a decision on which regimen(s) to take forward into pivotal program(s), which we expect to begin in the first half of 2018.”

In premarket dealing, Vertex shares are up US$35.85 or 27% changing hands at US$167.80.

Story by ProactiveInvestors