Dec. 20 (Bloomberg) -- Incyte Corp. gained in extended Nasdaq trading after the drugmaker said its drug for the bone-marrow disorder myelofibrosis met goals in the third and final stage of studies generally required for approval.
Incyte rose as much as $1.12, or 7.4 percent, to $16.30 as of 4:40 p.m. New York time in trading after the close of the Nasdaq Stock Market. Shares of the Wilmington, Delaware-based company have increased 67 percent this year.
Incyte’s pill, called INCB18424, shrank spleen size by at least 35 percent in 42 percent of patients in the study of 309 people, Incyte said today in a statement. That compared with spleen reduction of at least that much in less than 1 percent of patients on a placebo. Enlarged spleens are a symptom of the disease, which can lead to acute myeloid leukemia and has an average survival time of about five years to seven years.
“We are proceeding with the preparation of a New Drug Application and believe INCB18424 has the potential to become the first FDA-approved treatment for this debilitating, life-threatening disease,” Incyte Chief Executive Officer Paul Friedman said in the statement.
Incyte, which has a partnership with Swiss drugmaker Novartis AG for the medicine, said it plans to apply for the drug’s approval in the second quarter of 2011. INCB18424 could bring in $300 million in U.S. revenue from use in myelofibrosis patients by 2017, Joshua Schimmer, an analyst at Leerink Swann & Co., estimated in September when the company reported earlier data.
To contact the reporter on this story: Meg Tirrell in New York at firstname.lastname@example.org.
To contact the editor responsible for this story: Reg Gale at email@example.com.