Angiotech Pharmaceuticals ( ANPI) rose in after-hours trading Tuesday on news that a recently completed pivotal trial on an anti-infective coated catheter hit its primary efficacy endpoint and had a promising safety profile. The company plans to file Premarket Notification 510 (k) documents with the Food and Drug Administration for its anti-infective 5-Flouraouracil-coated (5-FU) Central Venous Catheter. The 5-FU coating is designed to prevent catheter-related infections as effectively as traditional antiseptics and antibiotics. Angiotech anticipates launching the commercial 5-FU CVC product line in 2008, pending the receipt of all necessary regulatory approvals. Shares rose 73 cents, or 11%, to $6.67 in recent after-hours trading.
Stocks soar as the gross domestic product rises at an annualized rate of 3.5% in the third quarter and continuing jobless claims fall. Gregg Greenberg recaps the action in The Real Story video (above).