Drug Trials Success Lifts Ardana Shares More Than 6 Per Cent
Posted on: Friday, 27 May 2005, 06:00 CDT
ARDANA shares surged more than 6 per cent yesterday after the reproductive health specialist announced successful trials for one of its leading drug hopes.
Shares in the Edinburgh-based pharmaceutical group jumped 7p to 121.5p after it announced Teverelix had passed phase II trials in patients suffering from benign prostatic hyperplasis (BPH) - a prostate condition commonly affecting men over 50.
BPH is characterised by an enlarged prostate gland and results in a range of symptoms including problems urinating. The BPH market is estimated to be worth dollars 5.6 billion by 2008. Teverelix has now had successful phase II trials for two of its three main indicators - having recently announced successful trials for prostate cancer.
Chief executive Dr Maureen Lindsay said the trials suggested Teverelix could not only improve BPH symptoms but could delay the progression of the condition.
She added that the compound also has "considerable potential" in the treatment and management of several other diseases including endometriosis - a condition of the uterus for which there is currently very little therapy available.
Nomura analyst Sam Fazeli, who has a "buy" rating on the stock, said "there is no doubt in our mind that this is very good data", adding that the results increased the likelihood of Teverelix successfully treating endometriosis.
Ardana listed on London's main market in March this year.
Source: Scotsman, The
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