Shares of Furiex Pharmaceuticals surged 130 percent after the Morrisville drug development company reported positive test results for its irritable bowel syndrome treatment.
In two phase 3 clinical trials, Furiex’s eluxadoline met the guidelines set by the Food and Drug Administration and its European equivalent, the European Medicines Agency, the company reported.
“We are pleased with these top-line results, which put us one step closer to filling an unmet medical need in men and women with IBS-d,” June Almenoff, Furiex’s president and chief medical officer, said in a statement.
The company is on schedule to submit a new drug application with the FDA by the end of the second quarter.
Eluxadoline has been granted fast-track status by the FDA, a designation that accelerates the review process for drugs that have the potential to offer significant improvement in treatment compared with products already on the market.
Furiex was spun out of Wilmington-based Pharmaceutical Product Development, one of the industry’s largest contract research organizations.
Furiex shares closed Tuesday at $105.69, up $59.73.
Staff writer David Bracken