Resverlogix Corp. rose the most in more than six months after the Canadian drugmaker said its experimental treatment for cardiovascular disease met the primary goal of a study.
Resverlogix rose 11 percent to C$1.75 at 12:05 p.m. in Toronto Stock Exchange trading, after gaining 20 percent in the shares’ biggest intraday gain since Feb. 13. The Calgary-based company’s stock had increased 19 percent this year through yesterday.
The medicine, RVX-208, raised the level of good cholesterol in the trial, dubbed SUSTAIN, the company said today. The study of 176 patients with atherosclerotic cardiovascular disease was conducted in South Africa and directed by investigators including Steven Nissen, chief of cardiology at the Cleveland Clinic in Ohio. Results were from the second of three stages of human tests generally required for regulatory approval.
“The data support that RVX-208 is suitable for chronic use,” said Chief Executive Officer Donald McCaffrey. “We believe that based on the collective knowledge gained from our recent trials, our company is well positioned as we approach the key plaque regression data expected in our ongoing ASSURE trial.”
Full results will be submitted for publication in a medical journal, the company said.