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 Data on 10 patients showed that the drug, mavacamten, induced a
statistically significant improvement in blood flow and aerobic
capacity in patients with obstructive hypertrophic cardiomyopathy -
a common cause of sudden cardiac arrest in young people, including
athletes.
The condition occurs when heart muscle cells enlarge and can thicken
ventricles walls, usually the left ventricle, according to the
American Heart Association.
"The study results are much better than what most investors had
anticipated or expected," Wedbush Securities' analyst David
Nierengarten told Reuters.
Data announced on Monday came from the first group of patients of
the study. A second group will get a smaller dose of the drug, and
that data is expected in early 2018, the company said. The drug is
being developed in collaboration with France's Sanofi.
MyoKardia also said it would seek feedback from the U.S. Food and
Drug Administration on the design of a key study, which could
potentially reduce the developmental timeline for the drug.
The planned number of between 200 and 250 patients for the pivotal
study is smaller than previously anticipated, Nierengarten added.
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This news provides "added comfort on the emerging profile of
mavacamten and helps to de-risk the overall MYOK story," Credit
Suisse's Vamil Divan said in a client note.
Divan also raised his probability of mavacamten's success to 75
percent from 40 percent, and lifted his price target on the stock by
$20 to $45.
MyoKardia's shares, which hit a record high of $32.30 earlier in the
day, were up nearly 85 percent in afternoon trading.
(Reporting by Manas Mishra in Bengaluru; Editing by Martina D'Couto)
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