SAN DIEGO (TheStreet) -- YM Biosciences(YMI_) appears to have a real myelofibrosis drug on its hands.
Highly anticipated results from a mid-stage and multi-center study of YM Bio's myelofibrosis drug CYT387 were released Monday night showing the ballyhooed (and controversial) anemia response appears to be real.
Of the 68 myelofibrosis patients who were transfusion dependent when the study started, 46% became transfusion independent for a minimum of 12 weeks and maintained hemoglobin levels equal to or above 8 g/dl.
Of the 26 transfusion-dependent patients treated with the 300 mg dose of '387, 62% became transfusion independent and maintained hemoglobin levels equal to or above 8 g/dl.
These '387 anemia response data are stronger and more credible than what was presented last spring because Monday's results are culled from many more patients enrolled at multiple clinical trial sites.
If '387 can reverse the anemia associated with myelofibrosis, it will have a legitimate superiority claim over Incyte's(INCY_) recently approved myelofibrosis drug Jakafi, which has no effect on anemia.
Based on the positive anemia response data released Monday, the current valuation gap between Incyte ($1.8 billion market cap) and YM Bio ($170 million market cap) is way too big even considering '387 is two or three years behind in clinical development.
YM Bio shares closed Monday at $1.46 but were up 24% to $1.81 in after-hours trading as the '387 data were released at the American Society of Hematology (ASH) annual meeting.
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