Abraxis BioScience on Wednesday announced successful results of a Phase 3 trial for its cancer drug Abraxane. News of the results sent Abraxis shares higher by 30 percent.
Abraxane is a breast-cancer drug, but the West Los Angeles company believes it can treat the most common form of lung cancer as well.
The clinical trial compared Abraxane to Taxol, a similar anti-cancer treatment. Abraxane “showed significant improvement in overall response rate” compared to Taxol, according to a company statement.
The U.S. Food and Drug Administration previously approved the design of the study. Specifically, the FDA agreed that a superior response rate of Abraxane over Taxol would be sufficient to submit a supplemental new drug application, or sNDA, with the regulator.
“We anticipate filing an sNDA to the FDA during 2011 for what will be the second indication for Abraxane in the U.S.,” Patrick Soon-Shiong, executive chairman and founder of Abraxis BioScience, said in a statement.
In mid-day trading, Abraxis stock had gained $12.02, or 30 percent, to trade at $51.87 per share.
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