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What: Shares of biotech Inhibitex (NAS: INHX) are soaring today, up by 22% at the high, after the company announced positive results for its experimental hepatitis C drug, INX-189.
So what: Inhibitex reported top-line safety and antiviral data from its ongoing clinical trial that evaluates the drug administered in monotherapy or in combination with ribavirin for seven days. When used in combination, INX-189 demonstrated potent synergistic antiviral activity and did not result in any serious adverse side effects.
Now what: As a result, the company is seeking regulatory FDA approval to expand a mid-stage trial. The company will also expand a shorter early-stage trial of INX-189 to include 200 mg and 300 mg doses, compared to the 100 mg doses currently used. In order to finance the phase 2 program, Inhibitex has sold about 1.9 million shares of stock at an average price of $10.25 and received roughly $19.4 million in net proceeds after commissions.
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