Indevus says bladder drug meets goals, shares jump
Thu Jun 15, 2006 11:57 AM ET

CHICAGO, June 15 - Biopharmaceutical company Indevus Pharmaceuticals Inc. (Nasdaq stock symbol IDEV ) on Thursday said its once-daily treatment for overactive bladder met its key goals in the first of two clinical trials, sending its shares up more than 6 percent.

Lexington, Massachusetts-based Indevus said the drug, Sanctura XR for overactive bladder, is the once-daily formulation of Sanctura, which is currently marketed for overactive bladder.

The data from the recently completed trial showed that the once-daily drug reduced frequency of urination and reduced the the urge to urinate, meeting the trial's two primary goals.

"We have taken a very good drug in Sanctura and, with advanced technology, made it better," said Glenn Cooper, chairman, president and chief executive officer of Indevus, in a statement.

The company said results of its second trial will be announced in July, and the company hopes to seek U.S. regulatory approval before the end of the calendar year.

Indevus shares were up 28 cents at $4.93 in early Nasdaq trading, after rising as high as $5.04.