Rigel Pharmaceuticals hits 52-week high after successful drug test
Shares of Rigel Pharmaceuticals Inc. (Nasdaq: RIGL) are in heaven on news before the start of trading that a treatment for rheumatoid arthritis showed positive results during a clinical trial.
A phase II study of the drug candidate tamatinib fosdium among 189 patients who received oral doses showed that the drug yielded positive results in as little as one week. Participants were divided into two groups, each given two daily doses of either 100mg or 150mg, with both groups demonstrating better response rates compared with patients given a placebo.
“In this clinical trial, both the 100mg and 150mg doses improved arthritis symptoms and did so quickly,” said senior vice president of medical development Elliott Grossbard in a statement.
San Francisco, Calif.-based Rigel plans on initiating the next clinical trial in 2008.
At 3:55 p.m. ET, shares of Rigel Pharmaceuticals (RIGL) had advanced $16.78, or 210%, to $24.78. The previous 52-week high of $12.46 was touched on April 16, while the 52-week low of $6.64 was set on Dec. 4.
