Insmed (INSM) - Get Insmed Inc. Report shares surged after the biotech reported that a candidate drug to treat bronchiectasis, a chronic lung condition, met its primary endpoint results in a Phase II trial.
At last check Insmed's stock surged 42% to $29.18 after the Bridgewater N.J., biotech, which focuses on rare diseases, reported that its proposed drug to treat non-cystic-fibrosis bronchiectasis had met its primary endpoint.
The stock surged as much as 70% in premarket trading after Insmed released the results of the trial.
Over a 24-week period Insmed's new treatment significantly extended the amount of time before patients experienced serious breathing difficulties, or pulmonary exacerbations, while it also cut down on how frequently they occur, the company said in a statement.
The Phase II trial involved 256 patients diagnosed with the disorder at 116 sites.
"These results are incredibly encouraging and highlight the potentially important role INS1007 may play in the management of bronchiectasis," said the lead study investigator, James Chalmers, professor and consultant respiratory physician at the School of Medicine of the University of Dundee in Scotland.
Insmed said it would detail its findings at an upcoming medical meeting and plans to push ahead with a Phase III trial of its new drug.
Non-cystic-fibrosis bronchiectasis currently affects 340,000 to 520,000 people in the U.S., with no approved treatments designed to specifically target the lung condition, Insmed said.
The American Lung Association says in the disorder, inflammation and infection cause the walls of the bronchi -- through which air reaches the lungs -- to thicken.
Symptoms include "chronic cough, excessive sputum production, shortness of breath and repeated respiratory infections," the company noted.
"There is an urgent need for effective, approved therapies that can break the vicious cycle of inflammation, lung damage and infection for these patients," Chalmers said in a statement.