Shares of Anadys Pharmaceuticals Inc. climbed Friday after the company said regulators approved the design of a study of a potential hepatitis C treatment.
In morning trading, Anadys stock jumped $1.32, or 73.3 percent, to $3.12. More than 13 million shares changed hands by 10:15 a.m., compared with an average daily volume of about 693,000 over the last 100 days.
The mid stage study includes Anadys' drug candidate ANA598. The approval establishes the length and goals of the trial, making it clearer what would be considered successful testing. Thomas Weisel Partners analyst Stephen Willey said the decision will increase investor confidence in the drug.
That confidence took a hit earlier this year, he said, because a large number of patients who were taking ANA598 in an early stage study dropped out of the trial when they developed a rash. Willey said Anadys is now expecting trial data at the end of this year and early in 2001, which should generate more interest from investors and boost the stock.
Anadys is a development stage company with no products on the market. It is testing two drugs for hepatitis C and one for cancer.
Copyright 2009  AP News
