Rigel call sheds details on possible Phase III trial (RIGL)
Rigel Pharmaceuticals Inc.’s (RIGL) Phase IIb trial results Thursday morning of its rheumatoid arthritis candidate R788, is boosting its stock nearly 10 percent to near $1 a share, on 8 times normal volume.
The company said earlier this morning that R788 produced significant clinical improvement in rheumatoid arthritis patients in the trial. Of 457 patients treated for up to 6 months, groups treated with dosages at both once and twice-daily reported higher response rates than the placebo group.
“The significant, early and sustained efficacy, combined with a good safety profile, supports Rigel’s plans to conduct corporate partnership discussions with respect to R788,” Rigel said in a statement.
The company hopes to start a Phase III trial in the first half of 2010, with help from a partner. — Mike Tarsala
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