Prolor Biotech Inc. surged the most in five weeks in New York after the Israeli drugmaker said research showed its weekly growth hormone injection has the potential to replace a treatment given in seven daily dosages.
Prolor, based in Nes Ziona, Israel, jumped 3.8 percent to $4.90 by the close in New York, the sharpest increase since May 21. The shares are headed for a 15 percent gain in the first half of 2012, compared with an advance of 4 percent for the Standard and Poor’s 500 Pharmaceuticals Index. Prolor’s stock rose 6.7 percent to 19.43 shekels, or the equivalent of $4.93, in Tel Aviv, the largest rise since Jan. 16.
Prolor’s Phase II trial of its hGH-CTP human growth hormone, used to treat growth hormone deficiency in adults, showed that a single weekly injection of the drug has the potential to replace seven daily injections currently being marketed, according to a statement distributed by PRNewswire. The data presented today was an extension of a result that last month showed the weekly injection had comparable outcomes to the similar drug.