Xspray Pharma AB said a formulation of its lead drug candidate HyNap-Dasa worked as well as Bristol-Myers Squibb Co.'s chemotherapy medicine Sprycel, which is used to treat blood cancer.
The Swedish drugmaker's stock price was up 15.42% following the news to 92.80 Swedish kronor each as of 2:59 p.m. Stockholm time where the company is listed.
Xspray was studying the medicine in a phase 1 clinical trial to determine the bioavailability of two formulations of HyNap-Dasa against Sprycel in 16 subjects. Bioavailability is a measure of the dose that reaches circulation after being administered.
While bioequivalence was not a goal of the study, an analysis of preliminary data indicated that one of the formulations of HyNap-Dasa works as well as Bristol-Myers' drug, which is used to treat chronic myeloid leukemia and helped generate $535 million in global revenues during the second quarter of 2018.
"The planned studies required to take HyNap-Dasa to final registration studies will now be performed as planned. The results also strengthen the potential for additional product candidates in the pipeline being developed with the same technology to reach the market," Xspray said in a statement.
As of Sept. 7, US$1 was equivalent to 9.07 Swedish kronor.