Protagonist Therapeutics, Inc. (PTGX) and Takeda Pharmaceutical Company Limited (TAK) Monday announced positive topline results from the Phase 3 VERIFY study of rusfertide in Patients with Polycythemia Vera, a type of blood cancer. The study met its primary goal. Protagonist shares were more than 10 percent up in pre-market.
The primary endpoint of the study was the proportion of patients achieving a response. The Study met the primary goal with 77 percent clinical responders among rusfertide-treated patients compared to 33 percent who received placebo. Further, rusfertide was generally well tolerated and no new safety findings were observed.
As per the agreement between Protagonist and Takeda, Protagonist will receive a milestone payment of $25 million following this positive outcome.
Protagonist stock had closed at $37.59, up 3.44 percent on Friday. It has traded in the range of $24.22 - $48.89 in the last 1 year.
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