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NEW YORK (TheStreet) -- Zafgen (ZFGN) - Get Zafgen, Inc. Report  shares are soaring 62.99% to $9.16 on Wednesday after the biopharmaceutical company earlier today announced positive results of beloranib, a drug used to treat obesity and complex metabolic disorders.

"This clear efficacy outcome is a crucial first step in moving discussions forward with the Food and Drug Administration (FDA) regarding continued development of beloranib," CEO Thomas Hughes stated. 

The drug was put on complete clinical hold last month following the death of two patients. 

However, the new study showed effectiveness in reducing body weight in a late-stage trial.

Zafgen added that it will soon present the efficacy and safety data from the study to the FDA. 

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The company's beloranib treats Prader-Willi syndrome, a genetic disorder that results in life-threatening obesity because of unrelenting hunger, the Wall Street Journal reports. The diseases affects one in 12,000 to 15,000 people. 

Boston-based Zafgen focuses on the development of therapeutics for patients suffering from obesity and obesity-related disorders.

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