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Shares of Rigel Pharmaceuticals Inc. surged in Thursday morning trading, after the drug developer said its rheumatoid arthritis drug candidate was effective in a midstage study.
The stock surged $6.49, or 81 percent, to $14.49, well above its prior 52-week high of $12.46.
The study of drug candidate R788, or tamatinib fosdium, involved 189 patients receiving one of three doses of the oral treatment. Both the 100-milligram and 150-milligram doses showed comparable results, with effects seen in as early as one week, the company said.
Rheumatoid arthritis, a debilitating chronic inflammatory disease, affects more than 2 million people in the U.S.
Rigel said it plans to start the drug's next clinical trial in 2008.

Labels: Rigel Pharmaceuticals Inc., RIGL