NEW YORK (AP) – Pharmasset Inc. said it is adding new groups of patients to a study of its hepatitis C treatment PSI-7977, giving a strong indication that the drug works.
Pharmasset said it is expanding the trial because PSI-7977 can quickly and consistently reduce virus levels and few patients become resistant to it.
Pharmasset said it will enroll 30 new patients and divide them into three groups. So far, the company has studied PSI-7977 in combination with older hepatitis C drugs as part of a 12-week regimen. The company now plans to test the drug by itself for 12 weeks on some patients. On others, it will test PSI-7977 for 8 weeks instead of 12. It will also add a group of patients who have had no response to other hepatitis C drugs.
The Princeton, N.J., company expects to report results from the active parts of the study in the second half of 2011.
Citi Investment Research analyst Yaron Werber said Pharmasset is able to see data from the trial and used that data in its decision to add more patients.
“The expansion of this trial clearly signals that PSI-7977 is showing robust anti-viral effects likely without major resistance issues,” he wrote, adding that the change indicates the drug “looks very good.”
Werber rates the stock “Buy” and raised his price target to $200 per share from $71 per share on Friday. Shares of Pharmasset have more than tripled in value over the last year.
Date: June 8, 2011
Source: Associated Press
Filed Under: Drug Discovery
