NeoPharm Stock Up on Drug Trial Go Ahead Tuesday December 27, 8:52 am ET NeoPharm Stock Soars As Independent Committee Recommends Continued Late-Stage Trial of Drug
WAUKEGAN, Ill. (AP) -- Biopharmaceutical company NeoPharm Inc. said Tuesday an independent committee recommended that a planned late-stage trial of NeoPharm's brain cancer drug candidate proceed.
The stock soared $3.75, or 47.2 percent, to $11.70 in premarket trading. The stock has moved in a range of $7.16 to $15.47 in the past 52 weeks.
The drug candidate, cintredekin besudotox, is being studied to treat glioblastoma multiforme that recurs after surgery. NeoPharm describes GBM as the "most aggressive" form of brain cancer.
NeoPharm will conduct an interim efficacy analysis at the first 160 deaths with the final report due at 215 deaths, if necessary. The company said analysis reports are expected late in the second quarter, with the final version due late fourth quarter or early 2007, respectively.
As a result of the recommendation, the company said it "remains cautiously optimistic for a positive final outcome" of its clinical trial. Next year, NeoPharm expects to begin a new Phase II study of cintredekin besudotox to treat malignant glioma, another from of brain cancer, as well as a pediatric study.
The drug candidate has received orphan drug status in Europe and the United States, as well as fast-track development status from the Food and Drug Administration.