Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) shares were skyrocketing Wednesday as the company unveiled the latest results of one of its drugs.
The pharmaceutical company revealed how well the phase 3 clinical trial of patisiran went, which is Alnylam’s lead drug that is designed to treat a rare nerve disorder that’s known as familial amyloid polyneuropathy (FAP).
The safety profile of patisiran looks clean, which is perhaps even more important than the positive results as some of the company’s other pipeline drugs raised concerns regarding the toxicity levels they contained.
Alnylam — along with its partner for the drug Sanofi SA (ADR) (NYSE:SNY) — will seek regulatory approval for patisiran before the end of the year. A regulatory process in Europe would follow sometime next year.
The move would make the drug the first commercial product based on RNA interference (RNAi), which is a type of technology that utilizes snippets of genetic code to reverse the havoc wreaked by disease-causing genes.
The scientists who created RNAi technology received a Nobel Prize for Medicine in 2006, and now could be the time when their efforts start to help out patients. More than $1 billion has been injected towards researching how the technology can aid patients through a medication.
ALNY stock went gangbusters on Wednesday, rising 52.3%. SNY shares also rose on the move, gaining 0.6% by early afternoon today.