Pharmasset rises on positive drug results
Shares of Pharmasset, Inc. (Nasdaq: VRUS) are higher following news before the opening bell that a Phase 1 study of a hepatitis C drug showed that it was safe and well tolerated.
R7128 demonstrated dose-dependent antiviral activity and successfully lowered virus levels in patients who had previously failed to respond to interferon therapy, according to preliminary results. None of the 40 chronically infected patients experienced any adverse affects following 14 days of monotherapy.
“R7128 has demonstrated the most potent antiviral activity...in doses suitable for progression into future combination studies,” said Dr. Michelle Berrey, Pharmasset’s Vice President and Chief Medical Officer.
Princeton, N.J.-based Pharmasset has joined with Swiss industry giant Roche for the development and commercialization of R7128. The two companies are planning another 28-day study to begin in late September 2007.
At 12:36 p.m. ET shares had added $1.11, or 11%, to $11.51. That’s close to the 52-week high of $11.55, reached on July 23. The 52-week low of $7.54 was set on June 5.
