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Shares of biotechnology company Savient Pharmaceuticals Inc. surged in premarket trading Thursday after the company said its gout drug candidate Puricase met the main goal of a late-stage clinical study.
Savient shares jumped $6.90, or 47.7 percent, to $21.36 in premarket trading. The stock is positioned to top its all-time high of $21, set in March 2000.
Puricase is intended for use in gout patients who have already failed a prior treatment. The condition, caused by excessive amounts of uric acid, is a severe form of arthritis and causes sudden pain and swelling in joints. The company said it plans to request Food and Drug Administration approval in 2008.

Labels: Savient Pharmaceuticals Inc., SVNT