BANGALORE (Reuters) - Derma Sciences Inc. said foot ulcers in 85% of diabetic patients healed completely after treatment with its experimental drug at the end of a trial of 24 weeks, improve its chances of licensing of the drug with potential partners.
Shares of the company, which specializes in wound care products, jumped 25 percent to a peak more of three months from $11.65 in afternoon trade on Wednesday on the Nasdaq.
Data will help the company to the outlicensing of the rights of the ex-états-Unis of the drug, code-named DSC127, a potential partner, Chief Executive Edward Quilty said in an interview.
Rodman & Renshaw analyst Michael Higgins said: "I think, the data from 24 weeks increased the bargaining power of the Derma with potential collaborators.
Higgins, who has a "market" to outperform rating on the stock, said that more impressed with the drug's ability to heal injuries 13.5 week earlier than the placebo.
The DERMA Quilty, said: "we certainly do not have the kind of money necessary to complete this test (late stage).". We (says the) Investment Committee that we were looking at all options available to us to help finance the trial. ?
Other that DSC127, Derma outlicensing may raise up to 50 million dollars of market fairness in its existing shelf registration statement.
Quilty, said most of the potential partners wanted to watch 24 weeks data and comprehensive benefits data, which will be submitted to the U.S. Food and Drug Administration.
It is expected to associate the drug later this year or early next year.
Barry Wolfenson, Executive Vice President of global marketing & business development, said: "I think that the real activity on partnerships for this will begin this week that we announce the data and begin to assemble a package and reach potential partners around the world."
If approved, the Derma drug is in competition with Johnson & Johnson Regranex for treating deep ulcers neuropathic diabetic foot.
"We believe that our data is stronger than Regranex," said Wolfenson.
If approved, DSC127 was rake up to 500 million dollars in annual sales to the United States, he said.
DATA FROM 24 WEEKS
The company said 85 percent of patients having completed protocols for eligibility, or population by Protocol (PP), has shown complete cure at 24 weeks, compared to 52% in the placebo group.
In the intent to treat population, where all patients are included, 73 per cent showed complete cure at 24 weeks, compared to 46% in the placebo group.
DERMA Sciences was developed to test the drug in two of the forces of dose and placebo controlled arm.
The trial showed a statistically significant difference in healing of the PP population at 24 weeks.
DERMA Sciences plans to begin trials of late phase of the drug in the first half of 2012. (Reported by Anand Basu in Bangalore.) (Editing by Prem Udayabhanu, Maju Samuel)
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