Angiotech Pharmaceuticals Inc.’s share price (TSX:ANP) climbed 10% on Thursday after it released positive clinical data about one of its partner’s drug-eluting peripheral stents.
Cook Medical’s Zilver PTX stent, which is being developed for treatment of patients with peripheral arterial disease, is coated with Angiotech’s paclitaxel drug to help clear clogged blood vessels.
A recent clinical study met its 12-month goal by showing that patients with peripheral arterial disease, which is a build up of plaque in the vessels, tolerated the stent and paclitaxel well. The data from the clinical trial is supporting Cook’s pre-market approval application submitted to the Food and Drug Administration earlier this year.
Paclitaxel helps combat restenosis, which narrows blood vessels and restricts blood flow.
“These results establish paclitaxel as the only anti-restenosis drug to ever demonstrate efficacy in the treatment of [peripheral arterial disease], in a large, randomized, clinical trial,” said William Hunter, Angiotech’s president and CEO. “We are optimistic that this study will support Cook’s application with the FDA to become the first drug-eluting peripheral stent available for the management of patients suffering from peripheral arterial disease in the United States.”
Angiotech’s share price range during the last week: $0.47 to $0.57; 52-week high: $2.05; 52-week low: $0.43.