Shares of Progenics Pharmaceuticals Inc. rose Thursday as positive midstage trial results for an oral version of its constipation drug Relistor offset the failure of the drug's intravenous version in another study.
Progenics and partner Wyeth said the oral version effectively treated constipation caused by opioid painkillers. An injectable form of the drug has already been approved for that ailment and is scheduled to reach the market in June.
Oppenheimer analyst Bret Holley said the results were "very promising," and believes the company should report good results from a second trial of the oral form later this year. He thinks a late-stage trial of injectable Relistor in patients taking opioid drugs for chronic pain will also yield positive results.
Cowen and Company analyst Leland Gershell said the market for opioid-induced constipation treatments is larger than $1 billion, although potential sales for oral Relistor are not clear.
The stock gained $1.29, or 9.8 percent, to $14.47. Wyeth shares picked up 24 cents to $43.88.
The positive data outweighed the companies' announcement that Relistor's IV version wasn't effective in treating postoperative ileus, or constipation that follows gastrointestinal surgery, in a late-stage trial.
The drug, also known as methylnaltrexone, has now failed two late-stage trials for postoperative ileus, and analysts said the results were not a surprise.
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