Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) went up by 13.46% to trade close at $33.29 after climbing to its new 52-week high of $33.92 on Tuesday following the news that the company’s experimental drug, carfilzomib, extended survival for patients with advanced multiple myeloma to 15.5 months in a clinical trial compared to historical median survival of 6-9 months.
4.29 million Shares have been traded yesterday compared to the daily average volume of 967,305 shares with market capital of $2.09 billion. It is currently trading above its 50-day and 200-day moving averages of $28.79 & $25.58 respectively.
Yesterday, the company announced positive results from its phase II key clinical trial of its myeloma drug carfilzomib, a selective, next generation proteasome inhibitor that has shown encouraging results in a broad clinical trial program in multiple myeloma.. The drug reported a response rate of 24.1% for the overall study population, consistent with prior disclosure, with responses being durable (8.3 months) and progression free survival of 3.7 months.
The mid stage drug trial enrolled 266 patients with relapsed/refractory disease, with all patients deemed refractory to their last myeloma therapy, showed that patients responded to carfilzomib for more than eight months with fewer harsh side effects than current drugs. The efficacy evaluable population excluded 9 patients who did not have baseline or follow-up data. All patients were exposed to Velcade and Revlimid and the median number of prior lines of therapy was 5 which included a median of 13 prior agents. In addition to Velcade and Revlimid, other common myeloma treatments used by patients in the A1 study included thalidomide, ASCT, alkylating agents, and steroids.
Based on full results, Onyx said it plans to submit a New Drug Application (NDA) filing as early as mid-2011 for potential accelerated approval in the U.S.
Onyx Pharmaceuticals, Inc. is a biopharmaceutical company committed to improving the lives of people with cancer. The company, in collaboration with Bayer HealthCare Pharmaceuticals Inc., is developing and marketing Nexavar® (sorafenib) tablets, a small molecule drug that is currently approved for the treatment of liver cancer and advanced kidney cancer.
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