SOUTH SAN FRANCISCO, Calif. (AP) — Theravance says an experimental lung disease drug met its goals in a midstage clinical trial.
Theravance is studying the drug, named TD-408, as a once-per-day treatment for moderate to severe chronic obstructive pulmonary disease. On Wednesday the company said all six doses of the drug were more effective than a placebo. Patients who took the three highest doses of the drug had clinically meaningful improvement in the amount of air they were able to expel.
Shares of Theravance Inc. picked up a penny to $36.63 in afternoon trading.
Theravance makes the antibiotic Vibativ and is developing respiratory drugs through a partnership with British drugmaker GlaxoSmithKline PLC. TD-4208 is not part of that collaboration.
Theravance said earlier this year that it will split into two separate publicly traded companies. Theravance Biopharma will work on drug development and discovery, and Royalty Management Co. will manage the rights to potential royalty streams from its collaboration with GlaxoSmithKline.
Stifel Nicolaus analyst Stephen Willey said the data could create new partnership opportunities for Theravance. He rates the company's shares "Buy" with a price target of $52.