Biotech Values

[genisi]

Abraxis' Abraxane meets lung cancer study goal

http://finance.yahoo.com/news/Abraxis-Abraxane-meets-lung-apf-1676130649.html?x=0&.v=1

LOS ANGELES (AP) -- Abraxis BioScience Inc. said Wednesday its drug Abraxane met key treatment goals in a late-stage lung cancer study.

The company said Abraxane with Taxol, in combination with chemotherapy, improved the overall response rate of patients in the 1,052 patient study. The study focused on patients receiving initial treatment for lung cancer and compared the Abraxane combination with patients only receiving Taxol and another chemotherapy, carboplatin.

Abraxane is already approved as a breast cancer treatment. The company expects to ask for FDA approval as a lung cancer treatment in 2011.

Shares of Abraxis jumped $12.77, or 32.1 percent, to $52.62 in morning trading. The stock has traded between $24.52 and $57.60 over the last 52 weeks.