NEW YORK (TheStreet) -- Sophiris Bio (SPHS) - Get Sophiris Bio Inc. 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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