Sophiris Bio (SPHS) Stock Jumps After Drug Trial Meets Goal

Sophiris Bio (SPHS) stock is increasing on heavy trading volume on Wednesday, after the company announced that its prostate drug met the goal of a Phase 3 study.
By Amanda Albright ,

NEW YORK (TheStreet) -- Sophiris Bio (SPHS) - Get Report stock is soaring by 15.18% to $3.34 on heavy trading volume Wednesday afternoon, after the company announced that its drug met the goal of a late-stage study.

The La Jolla, CA-based bio-pharmaceutical company announced yesterday that a Phase 3 trial for the prostate treatment met its primary endpoint.

Patients using the drug experienced significant relief of their symptoms, the company added. 

"We believe that a statistically significant improvement in International Prostate Symptom Score, if replicated in a second Phase 3 trial, may be sufficient for registration with the FDA," CEO Allison Hulme said in a statement yesterday.

A preliminary analysis by the company in December showed the treatment would not be effective, Reuters reported.

So far today, 10.11 million shares of Sophiris have traded, versus the company's 30-day average of 999,922 shares. 

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