June 19 (Bloomberg) -- Orexo AB, a Swedish biotech company, rose to the highest level in five months in Stockholm trading after saying a study on its addiction medicine met expectations and was completed ahead of schedule.
The shares rose as much as 8.7 percent to 30 kronor, the highest price since Jan. 9. Orexo traded 7.6 percent higher at 29.70 kronor as of 2:31 p.m. local time and led the gainers in the OMX Stockholm All-Share index.
A dosage test on OX219, a treatment for opioid addiction, was finished ahead of schedule, Uppsala, Sweden-based Orexo said today in a statement.
Orexo is preparing to expand in the U.S. market, having bought back the rights to sell cancer-pain medicine Abstral in the U.S. earlier this month. The OX219 study brings Orexo closer to introducing that treatment in the U.S., the company said. The U.S. market for opioid treatments is valued at $1.3 billion and dependence on the painkillers affects more than 2 million people, according to the drug developer.
“With a strong cash position and full control of the U.S. rights to Abstral from January 1, 2013, Orexo has established the basis for a successful U.S. commercial presence with two brands from early 2014,” Chief Executive officer Anders Lundstroem said today.
Before filing for marketing approval with the U.S. Food and Drug Administration for OX219, the company also needs to complete a comparative trial versus Reckitt Benckiser Group Plc’s Suboxone treatment, Orexo said. Opioids include drugs such as opium.
The drug developer said June 4 it plans to submit an application in the first quarter next year.
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