Salix Pharmaceuticals Ltd. (SLXP) and Progenics Pharmaceuticals (PGNX) announced the results from a Phase 3 trial Tuesday morning, which evaluated the efficacy and safety of oral methylnaltrexone for the treatment of opioid-induced constipation in subjects with chronic, non-cancer pain. The trial demonstrated highly statistically significant results for the primary endpoint in two of the three treatment arms when compared to the placebo treatment arm.
Salix Pharmaceuticals gapped open sharply higher Tuesday, but traded in a range for the majority of the session. Shares finished up by 3.71 at $46.94 on above average volume. The stock rose above a 3-week range and set an 11 1/2 month high.
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