Gilead Boosted by Drug Data
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Shares of Gilead Sciences Inc. shot up nearly 20% Monday after the company released encouraging data about its drug to treat hepatitis B.
Gilead jumped $7.13 to close at $43.25 on Nasdaq.
The Foster City, Calif.-based company also released strong data from clinical trials of Preveon, a related drug for treating HIV-infected patients.
Gilead said a phase II clinical trial of patients treated with adefovir dipivoxil for 12 weeks revealed a significant reduction in levels of the hepatitis B virus in the blood, making the infection almost undetectable in the majority of patients.
Gilead said the drug, taken once daily in a dose of 30 milligrams, reduced HBV DNA by as much as 99.99% with no significant side effects.
More than 5 million people in the United States and 300 million worldwide are estimated to be infected with the hepatitis B virus. The potentially fatal virus targets the liver and can cause liver failure, sclerosis and liver cancer. About 10% of HIV patients are infected with the virus.
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