Phase Two Study Results for Drug VX-548 and Gene Editing Deal Push Vertex Stock to Record High
Vertex Pharmaceuticals shares reached a record high on Wednesday after announcing promising results from a clinical trial aimed at pain relief in diabetic patients, along with entering into a gene-editing technology deal.
Phase Two Study Results for Drug VX-548 and Pain Reduction for Diabetic Patients
The Phase Two study of Vertex’s VX-548 showed a “statistically significant and clinically meaningful” reduction in average weekly daily pain severity for patients with painful diabetic peripheral neuropathy. Dr. Roy Freeman, a neurology professor and director of the Peripheral Nerve Disorders and Pain Management Center at Beth Israel Deaconess Medical Center and a member of Vertex’s Pain Advisory Board, indicated that based on the results, VX-548 “may offer the prospect of a new treatment for millions of patients suffering from neuropathic pain.”
Vertex’s Developments in Gene Editing
Dr. Carmen Bozic, the chief medical officer and executive vice president of global drug development and medical affairs at Vertex, stated that the company is “excited” to move VX-548 into Phase Three testing. Additionally, Editas Medicine announced that Vertex will make a $50 million upfront payment, with the possibility of an additional $50 million, in a non-exclusive licensing agreement for Editas’s Cas9 gene-editing tool. Editas noted that Vertex will use Cas9 to treat diseases such as sickle cell disease and beta-thalassemia. Among these treatments is Casgivi, developed by Vertex and CRISPR Therapeutics, which was approved by the FDA last week.
Vertex Shares Rise 13% After News
Vertex Pharmaceuticals shares closed up 13% on Wednesday following the news, and have gained 41% so far this year.
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