Jazz Pharma Shares Soar on Fibromyalgia Results
June 30th 2009
Shares of Jazz Pharmaceuticals Inc. jump after positive trials on its fibromyalgia drug.
Shares of Jazz Pharmaceuticals Inc. spiked last week after the company released positive data on its fibromyalgia drug.
The Palo-Alto, Calif.-based company said a second Phase III clinical trial of its drug mirrored a preliminary Phase III trial, which showed the improved capability to treat several symptoms associated with fibromyalgia, including chronic muscle pain and fatigue, insomnia and difficulty concentrating.
Jazz shares responded with a 62 percent jump, according to Dow Jones.
"These results from our second Phase III trial, confirming the positive results of our first Phase III study, are an exciting milestone for Jazz Pharmaceuticals," said Bruce Cozadd, chairman and chief executive of Jazz Pharmaceuticals, according to MarketWatch.
Jazz said it plans to file for Food and Drug Administration approval by the end of 2009.