Results from a drug study for the most common form of dwarfism sends BioMarin near new heights

Associated Press

BioMarin shares neared an all-time high before the opening bell Thursday after announcing positive results from a mid-stage study for its drug to treat the most common form of dwarfism.

It was a small study, yet there are currently no approved drugs on the market for the condition called achondroplasia. It can be caused by a mutation or it can be inherited.

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The study involved 26 children. Those receiving the highest dose of BMN 111, or vosoritide, showed a mean increase of 50 percent in their annual growth. The company said it will review all the results from the study to determine the next step in development.

The drug candidate has already received "orphan drug" designation from the Food and Drug Administration, which is given to treatments in development for rare conditions. It gives the potential drug an easier path through the review process and financial incentives.

Shares of BioMarin Pharmaceutical Inc. jumped 8 percent, or $9.60, to $133.20, which is within 34 cents of an all-time high.