Pfizer (NYSE:PFE) rose in morning trades after the biopharmaceutical company said its rheumatoid arthritis treatment showed improvement in two late-stage clinical studies for the treatment of ulcerative colitis.
Pfizer edged up 1.2% to $33.24 at 10:51 a.m. in New York, expanding this year’s gain to 6.7%.
Both studies met their primary endpoints, the New York-based company said in a statement on Monday.
“We are encouraged by the results of the OCTAVE [Oral Clinical Trials for tofAcitinib in ulceratiVE colitis] induction studies as ulcerative colitis is a chronic, and at times debilitating, disease that can be difficult to treat” Rory O’Connor, head of the company’s global medical affairs was quoted in the statement as saying.