shares were skyrocketing Wednesday after the company and its partner
announced positive results from a clinical study of an experimental drug for patients who have had intestinal surgery.
Shares of the research-based biopharmaceutical company jumped 35.5% to $21.35 following the news, which came after Tuesday's market close.
According to the results of the phase III study, the developmental drug Entereg, when compared with a placebo, decreased the amount of time it took patients to regain their gastrointestinal function after undergoing bowel-resection surgery. Bowel resection involves the surgical removal of a diseased part of the large intestine.
Adolor said the patients treated with Entereg recovered their gastrointestinal function an average of 20 hours sooner than those getting a placebo, a difference the company indicated was statistically significant. The participants in the Entereg arm of the study were also able to leave the hospital faster than those who received the placebo.
The phase III trial involved 654 patients. Adolor and Glaxo initially submitted their new drug application for Entereg to the Food and Drug Administration in June 2004. Last July, the companies received conditional approval for Entereg, meaning the FDA wanted additional information before fully clearing the drug. The agency had sought more data on the drug's effectiveness, and Adolor now expects to respond to the FDA's request by this June.
"We are exceptionally pleased by the robustness of the data in this study," said James Barrett, Adolor's chief scientific officer and president of research.
GlaxoSmithKline, which reported its earnings earlier in the day, saw its shares rise 62 cents, or 1.2%, to $50.93.