Shares in Insmed Incorporated (NASDAQ:INSM) more than double on Tuesday Morning after the phase III trial of its Alis rare lung disorder therapy met its primary endpoint.
Shortly after the markets opened, Insmed shares climbed 118% to US$26.72.
The late-stage study tested the effectiveness of the drug on 336 patients with resistant nontuberculous mycobacterial (NTM) lung infections.
Insmed said the trial found that almost a third of patients treated with Alis and the standard treatment saw a statistical significance in bacteria density by the sixth month.
That compared with just 9% of patients who were given the standard treatment on its own.
The NASDAQ-listed firm said it now plans to pursue accelerated approval for the therapy which was previously granted breakthrough therapy designation and fast track status by the US Food and Drug Administration.
NTM lung infections are caused by a type of bacteria often found on soil as well as water. It is a rare and serious disease that has symptoms such as fever, weight loss, cough and blood in mucus.
Currently there is no approved treatment for it and potential therapies fail on a relatively frequent basis.