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Amgen said its experimental osteoporosis drug reduced or delayed serious bone complications among patients with advanced breast cancer and the news sent its shares up almost 13 percent in after-hours trade.
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The biotechnology company said on Tuesday its drug, denosumab, proved superior to Novartis' [NVS
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] Zometa in a late-stage study.
Bone metastases, or the spread of cancer to the bone, are a serious consequence of breast cancer, weakening or destroying bone around the tumor. The Phase 3 study assessed the incidence of serious bone complications, or SREs, among such patients.
"We are extremely pleased with the outcome of this important study, which shows that denosumab can reduce or delay the serious complications of bone metastases in breast cancer patients better than the current standard of care, and with a favorable benefit/risk profile," Roger Perlmutter, Amgen's research chief, said in a press release.
Amgen is awaiting U.S. approval of denosumab as a treatment for post-menopausal osteoporosis. Potential use of the medicine to avert bone damage among cancer patients could provide a lucrative additional sales avenue for the company's most valuable experimental medicine.
Amgen, based in Thousand Oaks, California, is one of the world's biggest biotech companies, but has posted disappointing sales in recent quarters due to concerns about the safety of its anemia drugs and the impact of the global recession.
It is counting on denosumab to turbo-charge its future revenue and earnings.
Shares of Amgen [AMGN
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] were trading close to $59 in after-hours trading, from their closing price of $52.23 on the Nasdaq.
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