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TG Therapeutics Soars on Positive Results for MS Treatment

TG Therapeutics soars after the biopharma reports positive test results for its multiple sclerosis treatment.
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TG Therapeutics  (TGTX) - Get TG Therapeutics, Inc. Report soared Thursday after the biopharma announced positive results from two global Phase 3 studies, evaluating ublituximab, the company's treatment of multiple sclerosis patients.

Shares of the New York-based company were skyrocketing nearly 42% to $42.04 in trading Thursday.

Both studies met their primary endpoint with ublituximab treatment demonstrating a statistically significant reduction in annualized relapse rate (ARR) over a 96-week period, the company said.

The studies were conducted under Special Protocol Assessment (SPA) agreement with the U.S. Food and Drug Administration.

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Ublituximab treatment resulted in an ARR of less than 0.10 in each study, with a relative reduction in ARR of about 60% and 50%, respectively, over teriflunomide.

Aubagio, Sanofi's  (SNY) - Get Sanofi Report treatment for multiple sclerosis patients, uses teriflunomide.

"If approved, ublituximab has the potential to offer patients a one-hour infusion, which we believe will be an attractive option for many patients with MS," said Michael Weiss, executive chairman and CEO, in a statement. "With more than 1 million Americans estimated to be living with MS today, there continues to be a need for efficacious and convenient treatment options."

"We look forward to a detailed presentation of the data at a major medical meeting in the first half of 2021 once the full data are analyzed, as well as completing a BLA (Biologics License Applications) submission targeted for mid-next year,” Weiss said.

TG Therapeutics company also is developing therapies targeting hematological malignancies, including B-cell, non-Hodgkins lymphoma.