Biopharmaceutical company

Tanox

(TNOX)

said its peanut allergy drug had achieved positive preliminary results in Phase II trials.

Tanox said the drug, TNX-901, met its primary endpoint, which was stronger threshold to peanuts ingested orally, with statistical significance. The tests were conducted using 84 patients, and further studies are being planned.

According to a press release, the company said the detailed results of the study will be published in a medical journal or presented at a medical conference later this year.

Shares of Tanox were climbing 12.47% to $13.45 on the news after closing at $11.96 Tuesday.