Advanced Magnetics Inc.(NASDAQ: AMAG) announced Thursday positive results for a phase III study on its ferumoxytol treatment, an intravenous iron replacement for patients with kidney problems.
The Cambridge, Mass.-based pharmaceuticals company said that two studies demonstrated a significant improvement in hemoglobin levels in patients using the drug, versus those who took an oral iron supplement. The results meet the company's primary and secondary endpoints for the study.
We have now presented data from three of the four studies in the pivotal program for ferumoxytol. These new results are encouraging, and we remain on track to file our NDA for ferumoxytol in the fourth calendar quarter of 2007,â€ said Brian Pereira, President and CEO of Advanced Magnetics, in a statement.
Shares of Advanced Magnetics rose $6.23, or 9.6 percent to $71.34 on the Nasdaq Stock Market.