Tesaro shares more than double on results for ovarian cancer treatment

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Shares of Tesaro skyrocketed, more than doubling Wednesday, after positive phase 3 trial results were announced for its ovarian cancer drug Niraparib.

The drug was shown to extend the time elapsed between treatment of ovarian cancer and tumor progression, also known as progression-free survival, achieving its goal.

Ovarian cancer is the fifth leading cause of cancer deaths in the U.S. About 1 in 60 women will develop ovarian cancer, especially women over age 60, according to U.S. Department of Health and Human Services.

The results showed that a single daily oral dose of the drug was "superior" to the control group in prolonging progression-free survival in women with recurrent ovarian cancer, according to Mary Lynne Hedley, president and chief operating officer of Tersaro.

"We are extremely grateful to the patients, caregivers and investigators who participated in the NOVA trial," she said.

The trial enrolled more than 500 peple, including patients with a BRCA-gene mutation, a tumor suppressor gene. Patients who carry it are more treatable because they respond better to chemotherapy.

In patients with the BRCA gene, progression free survival was 21 months versus 5.5 months for those given a placebo. Patients without the BRCA gene had PFS for 9.3 months versus 3.9 months for those who had the placebo, according to Reuters.

On Wednesday afternoon, Tesaro's stock was trading at $78.70, up more than 110 percent. The stock had fallen more than 28 percent this year.

Reuters contributed to this report.