Biogen (NASDAQ:BIIB) said Monday its experimental Multiple Sclerosis drug met its main goal in a late-stage study, sending the shares soaring more than 5%.
The Massachusetts-based company hopes to tap into the highly-competitive MS drug market with its BG-12 treatment that is taken orally 2-3 times a day. Most MS drugs are currently injected or infused.
BG-12 provided a highly statistically significant reduction in relapses after two years among suffers of relapsing-remitting MS, as compared with the placebo group in a study of over 1,200 patients.
"The significant clinical responses ... represent an important step forward in the development of BG-12 for multiple sclerosis," said Douglas Williams, Biogen's executive vice president for research and development.
The drug also met all of its secondary goals in the study, including reducing the rate of disease progression at two years, the company said.
The results of the next part of the study are due to be released later in the year.