Protalix BioTherapeutics Inc (NYSEAMERICAN: PLX) is making a run for the top in the market this morning, and for good reason. The company announced positive clinical data, sending the stock up more than 70% early on. Here’s what’s going on:
PLX Stock Is Running For The Top On Positive Clinical Data
Protalix BioTherapeutics issued a press release early this morning, announcing positive clinical data. The data came from the BRIDGE Phase 3 clinical study of PRX-102.
The data came from the first 16 out of 22 patients in the study. Each of the patients producing the data have recieved 12 months of treatment with PRX-102.
The goal of the study is to assess the safety and efficacy of the treatment, infused every two weeks, as an option for Fabry disease. Patients included in the study have been treated with Replagal for at least two years and on a stable dose for at least six months.
In the release, PLX said that the 12-month interim data demonstrate a mean improvement in kidney function. This was seen in both male and female patients when switched from agalsidase alfa to pegunigalsidase alfa.
Interestingly 100% of the progressing patients achieved proposed therapeutic goals. Also, the majority of patients that completed the study rolled over to a long-term extension study.
In a statement, Raul Chertkoff, M.D., Vice President of Medical Affairs at PLX, had the following to offer:
We previously announced positive preliminary results from 16 patients after six months in the BRIDGE study in September 2018, and these new results, after 12 months of treatment, further suggest the strong potential benefit of pegunigalsidase alfa on renal function for Fabry patients.
Why Investors Are So Excited
At the end of the day, the data released this morning is overwhelmingly positive. Here’s why investors are reacting by sending the stock through the roof:
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