Trial Data Lift Progen

The stock soars more than 50%.
Author:
Publish date:

Progen Pharmaceuticals

(PGLA)

saw its shares soar 53% Monday after the company said its experimental cancer treatment showed positive results in a clinical trial.

The company was testing a drug known as PI-88 in patients who have previously undergone the surgical removal of liver cancer.

The 48-week data demonstrated that 160 milligrams of PI-88 improved patients' disease-free rate, the primary endpoint, by 25%, and prolonged the time to tumor recurrence from 27 weeks to 48 weeks, or 78%.

Shares of Progen were lately up $4.36 at $12 in premarket trading.