Big day for those interested in investing in biotech companies! On Tuesday, August 8, during heavy morning trade, FibroGen, Inc. (NASDAQ:$FGEN) shares increased 48.6%. It all started after the biopharmaceutical company announced positive results for a mid-stage trial of its idiopathic pulmonary fibrosis therapy.
In a sample size of 103 patients enrolled in the phase 2 trial, those that were on the therapy, pamrevlumab, hit the trial’s primary efficacy endpoint, which measured change in lung volume and capacity, on the trial’s 48th week. In addition, according to FibroGen, the therapy was well tolerated in patients.
As of right now, the San Francisco-based company said it plans to meet with the FDA to talk about moving forward with pamrevlumab. Further, the treatment is being developed for use in Duchenne muscular dystrophy and pancreatic cancer.
Over the course of the last three months, FibroGen shares have increased 81.1% to $49.45.
Featured Image: twitter
