FibroGen’s stock skyrockets upon the positive results of a new study
Biotech company FibroGen stock has soared by over 50% upon the positive results of new lung disease drug pamrevlumab within clinical trials.
Used to tackle lung disease idiopathic pulmonary fibrosis, the company has recently completed FDA tests, at which these positive results will provide significant revenue increases for the company, adding $3 to $4 billion to its market cap to “eventually $35 to $50 to its share price,” CNBC has reported.
Idiopathic pulmonary fibrosis leads to severe scarring on the lungs, which impacts on oxygen which can be transferred into a patient’s bloodstream. The disease leads to severe breathing problems and high mortality rates, with five years granted post prognosis.
Pamrevlumab has been described by FibroGen as a “monoclonal antibody that inhibits the activity of connective tissue growth factor (CTGF). CTGF is a common factor in chronic fibrotic and proliferative disorders, characterized by persistent and excessive fibrous tissue which can lead to organ dysfunction and failure, and in cancer, by promotion of tumour growth.
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Pamrevlumab is used for the treatment of idiopathic pulmonary fibrosis (IPF), pancreatic cancer, and Duchenne muscular dystrophy (DMD).”
Completing Phase 2 will lead to the third phase in clinical trials, which could lead to potential breakthroughs in treatment. The trials saw participants take pamrevlumab or placebo for up to 48 weeks.
“We are very encouraged by the top line IPF Phase 2 clinical study results that we announced today, in which pamrevlumab-treated patients had a significantly lower rate of decline in lung function, as compared to the placebo-treated patients,” commented FibroGen CEO Thomas B. Neff. “In addition, pamrevlumab continued to be well tolerated as a monotherapy in this IPF study, and was well tolerated in combination with pirfenidone and nintedanib.
We believe that the promising outcomes of these studies enable us to advance pamrevlumab into Phase III clinical development.”