Onyx Pharmaceuticals: Carfilzomib can slow cancer growth in Myeloma

After the company declared the results of the trial on carfilzomib, Onyx gained 21 percent in Nasdaq Stock Market composite trading today – this is the maximum it has obtained in the last 3 years.

According to Emeryville, a company based in California, the research has revealed that around 24 percent of patients with multiple myeloma showed a partial response to the drug. This positive change even lasted a median of 7.4 months. Onyx said that the research saw a total of 266 patients as participants.

Multiple myeloma results in uncontrolled development of blood plasma cells and can lead to bone tumors that deter the body to produce infection-fighting cells. N.Anthony Coles, CEO of Onyx Pharmaceuticals has commented that the company will apply to the U.S. Food and Drug Administration by the end of the year for accelerated approval to market the drug. Post the approval, the company has plans to start selling it as soon as next year.

Coles said, “This is a population suffering from a disease that is uniformly fatal. These patients have exhausted all other therapies and represent an important population in need of new options.”

Onyx Pharmaceuticals rose from $4.54, or 21 percent, to $26.04 at 4:00 p.m. New York time in Nasdaq Stock Exchange trading. The shares have declined 3.3 percent since the beginning of the year.

Philip Nadeau, a Cowen & Co. analyst in New York said, “The results appear strong, exceeding what our consultants generally thought was the bar to support an FDA filing and approval,”

Multiple myeloma is the second-most-common type of blood cancer. It is reported that more than 50,000 people in the U.S. and 180,000 worldwide are living with the disease. The company states that around 86, 000 new patients are diagnosed every year.

Onyx acquired carfilzomib with its November purchase of South San Francisco-based Proteolix Inc. for $276 million. Coles estimated the market to treat the “sickest of the sick” myeloma patients at about $1 billion yearly.

The latest results validate the Proteolix acquisition – the company may produce other products in the future as well.

Coles said, “Our commitment is to establish Onyx as an emerging oncology leader,”