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Investors Like Today’s Astex Pharmaceuticals’ Bullish Press Release (ASTX)

Zemanta Related Posts ThumbnailAstex Pharmaceuticals (NASDAQ: ASTX) is soaring following an announcement that a phase 2 trial of an experimental drug showed significant results. The stock is currently up 15 percent.

The drug, with the catchy name (at least for now) of SGI-110, is for the treatment of Acute Myeloid Leukemia and is currently in phase 2 trials. The company announced this morning that, so far, the trials have produced what it calls “clear activity.” The primary endpoint, or goal, of the trial is a statistically significant overall remission rate. In total, 17 of the 67 patients, or 25 percent in the trial achieved complete remission. That’s not amazing but it is significant.

Investors will know more when it presents the findings at the American Society of Hematology (ASH) meeting, December 7-10 in New Orleans, LA.

Company Profile

Astex Pharmaceuticals is dedicated to the discovery and development of novel small molecule therapeutics with a focus on oncology. The Company is developing a proprietary pipeline of novel therapies and is creating de-risked products for partnership with leading pharmaceutical companies. Astex Pharmaceuticals developed and out-licensed DACOGEN(R) (decitabine) for Injection and receives significant royalties on global sales.

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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