Neurosearch shares soar on promising Ph3 Huntington's data

Investors swiftly bid up the value of Neurosearch (NEUR) shares by a whopping 81 percent after hearing that the Danish biotech's Phase III trial of a new drug for Huntington's disease demonstrated real promise.

"Huntexil significantly improves motor functions in Huntington patients," Neurosearch says in a statement. And Chief Executive Flemming Pedersen tells Reuters that the company is on track to file for an approval by the end of this year, with a possible approval arriving in 2011 and a market launch following in early 2012.

Neurosearch based its enthusiastic timeline on the top-line results of a late-stage trial that enrolled 437 patients. "With more than 400 patients participating, the trial is one of the largest so far conducted in Huntington's disease in Europe, and recruitment was completed within one year," said G.B. Landwehrmeyer, chairman of the European Huntington's Disease Network.

"This is very good news," said Jyske Bank's Frank Andersen.

- here's the press release
- check out the Reuters story