Vertex Pharmaceuticals Inc (VRTX)

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April 18, 2013 7:27 EDT VRTX Vertex spikes higher after reporting phase 2 study results
Shares of Vertex are shooting higher in the after hours session after the company reported results from a phase 2 study of VX-661 and ivacftor that showed statistically significant results. WHAT'S NEW: A phase 2 study of VX-661 and ivacftor in adult patients with cystic fibrosis who have two copies of the most common mutation in the cystic fibrosis transmembrane conductance regulator gene showed statistically significant results. Patients in the 100mg and 150mg combination dose groups showed statistically significant mean relative improvements in lung function versus placebo, of 9% and 7.5%, respectively. In the study, Vertex said VX-661 was generally well-tolerated, both as monotherapy and in combination with ivacaftor. "This first study of VX-661 and ivacaftor provides further validation of the strategy of combining a corrector and potentiator to improve lung function in people with the most common type of cystic fibrosis," said Peter Mueller, Ph.D., chief scientific officer and executive VP of global research and development at Vertex. PRICE ACTION: Shares of Vertex are up $27.43, or 51.88%, to $80.30 in the after hours, a multi-year high for the stock, which is up more than 25% year-to-date.