Why Eli Lilly (LLY) Is Up Today

NEW YORK (TheStreet) -- Eli Lilly  (LLY) was rising 2.99% to $56.90 on Tuesday after the pharmaceutical company announced promising results for its experimental lung cancer drug in a late-stage trial.

The company said ramucirumab improved patient survival rates compared to a placebo without the cancer worsening. The trial compared a combination of ramucirumab and a common chemotherapy drug called docetaxel to a combination of a placebo and docetaxel in the treatment of patients with non-small cell lung cancer, the most common form of the disease.

"We are pleased with these Phase III data of ramucirumab in non-small cell lung cancer, which accounts for most cases of lung cancer -- the leading cause of cancer-related mortality worldwide," said Dr. Richard Gaynor, senior vice president, product development and medical affairs for Lilly Oncology, in a statement. "Despite currently available therapies, there continues to be a need for new second-line treatment options for patients with lung cancer. REVEL is the first positive Phase III study of a biologic in combination with chemotherapy to demonstrate improved overall survival compared to chemotherapy alone in second-line non-small cell lung cancer."

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