Inhibitex Soars as Investors See Another Pharmasset in the Making (By Adam Feuerstein)
Shares of Inhibitex(INHX) more than doubled Friday morning after the company released promising new data on its hepatitis C drug candidate.
The Inhibitex drug INX-189 belongs to the same "nucleoside" class of potent oral hepatitis C drugs as Pharmasset's(VRUS_) heralded PSI-7977. The difference, of course, is that Inhibitex's market value is $300 million, or at least it was going into Friday's trading. Pharmasset's market value is close to $6 billion.
Inhibitex shares soared 133% to $9.25 in pre-market trading after the company reported a 4.25 log drop in Hep C viral load after 7 days of treatment with a 200 mg dose of INX-189 in treatment-naive patients. No serious adverse events were reported. (Read the complete report here).
Vertex (VRTX) awards $1.5M to help Hepatitis C patients (by James M. Connolly)
Vertex said in a press release that nearly 4 million people in the U.S. have chronic hepatitis C and that an estimated 75 percent of them are unaware of their infection.