Biotech Values

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INCY - topical formulation of JAK2 inhibitor in psoriasis:

Incyte says psoriasis drug meets main goal

http://www.reuters.com/article/rbssHealthcareNews/idUSBNG49021520090921

* Drug meets primary and secondary goals

* Drug was well-tolerated at all doses

* Shares rise as much as 9 percent

(Updates share movement, adds analyst comments)

Sept 21 (Reuters) - Incyte Corp (INCY.O: Quote, Profile, Research, Stock Buzz) said its psoriasis drug met the main and secondary goals in a mid-stage trial, sending its shares up as much as 9 percent.

In the 200-patient trial, the drug INCB18424 showed a statistically significant improvement over dummy drug in the reduction in total lesion score -- the primary goal.

Psoriasis is a skin disorder, which can cause thick red skin lesions that are often itchy, sometimes painful and covered by silvery scales.

The drug was well tolerated at all doses and no clinically significant effects were noted in hematology or other laboratory parameters, the company added.

"Today's announcement provides validation for topical INCB18424 in psoriasis and additional proof-of-concept for JAK2 inhibition in autoimmune disorders," Cowen & Co analyst Eric Schmidt wrote in a note to clients.

Janus kinases (JAK) are enzymes that mediate signaling of several important drivers of inflammatory diseases and certain bone marrow disorders. Incyte's drug INCB18424 is a JAK inhibitor.

"The news is unlikely to have material impact on Incyte's prospects or financial condition", Schmidt said, adding that the market for topical psoriasis drugs is relatively modest.