As per recent reports, it has been illustrated that Vertex Pharmaceuticals Inc. has recently released a temporary detailed report, which depicts that clinical trials of its new combination drug proves that it can improve breathing problem faced by many cystic fibrosis patients.
As a consequence, it has been declared that the shares of the company, after releasing of the trial reports, increased suddenly by more than 55%. It has been reported that the company's stock closed at $58.12, which accounted for an up by $20.71 on Nasdaq exchange.
It has been revealed that the Cambridge Company has been for the first time able to gain a market value of $4.2 billion in a single-day, since the past 22 years, when the biotechnology company became public.
Further, it has been depicted that the drug is yet to be sent to the Food and Drug Administration for approval by January. It has been administered that the company has reached out for Kalydeco therapy, which is termed to be the first drug to treat the main cause behind the disease, cystic fibrosis.
Recent reports have suggested that the clinical trial included 48 patients. The company aims at providing with a more efficient type which can have its affect on a broader spectrum of patients.