February 4, 2013 / 1:25 PM / 5 years ago

Rockwell iron deficiency drug meets trial goal, shares soar

Feb 4 (Reuters) - Rockwell Medical said a clinical study showed that regular administration of its experimental treatment for iron deficiency reduced the need for additional agents to boost red blood cell production by 37 percent.

Shares of the company rose as much as 24 percent to $8.03 before the bell.

The company’s lead drug, Soluble Ferric Pyrophosphate (SFP), aims to treat iron deficiency in patients on hemodialysis - the process of removing wastes and extra fluid from the blood of patients with kidney failure.

The clinical trial, named Prime, tested the drug in 108 patients to determine whether the drug would demonstrate efficacy in two ongoing late-stage trials.

Rockwell said it expects efficacy results from the late-stage studies, codenamed CRUISE-1 and CRUISE-2, in the second half of the year.

Rockwell’s shares closed at $6.45 on the Nasdaq on Friday.

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