Biopharmaceutical company Theravance said Monday it saw positive results from two midstage studies dealing with its developing asthma and chronic obstructive pulmonary disease treatments.
The company is collaborating with GlaxoSmithKline on both programs. In each study, the drug candidate was administered once-daily and was effective in increasing bronchodilation, or widening of the air passages in the lungs.
Theravance said it will progress with the '444' product, which GlaxoSmithKline initially discovered, as the lead candidate and continue to develop its discovered '797' product as a backup.
Shares of Theravance jumped $4.55, or 15%, to $34.25 in after-hours trading. The stock gained 20 cents to close at $29.70 on the Nasdaq Stock Market.