ArQule (NASDAQ:ARQL) began the day and ended the week with a bang as the company’s latest blood cancer treatment has shown early signs of promise in helping patients with tumors heal.
ArQule’s Phase 1 trials are designed to establish a recommended dose of a new drug for study for the Phase 2 trials. Researchers from the study looking at ARQ 531 said patients were fine at dosages of up to 65 milligrams once a day.
The drug displayed promising anti-tumor activity in some patients, according to the company. “We are now focused on finalizing the recommended Phase 2 dose and planning for the expansion of our clinical efforts with ARQ 531 into later stage trials across multiple indications as a single agent and as a combination therapy,” said ArQule Chief Medical Officer Brian Schwartz in a statement.
ARQL stock is soaring a whopping 32.6% following the company’s news on Friday. This helped push the company’s per share price to a 12-year high of $8.34.