InterMune Inc (NASDAQ:ITMN) Falls After Stupenduous Rally
Drug maker InterMune Inc (NASDAQ:ITMN) saw a massive investor influx into its stock during trading on 25th February, as a results of which its market valuation almost went up by 2.5 times on the back of strong updates the drug maker released for its development stage target drug “pirfenidone” which is designed to treat lung cancer. The investor stampede to buy the stock is related to impressive phase 3 test results of its drug candidate, which was previously turned down by U.S. Food and Drug Administration. At the time of rejection, the regulator had indicated that it would reconsider the drug’s viability if more supporting trail data would be produced by the drug maker.
New Phase 3 Data Impressive
On the back of the impressive weight of its test data and results, Drug maker InterMune Inc (NASDAQ:ITMN) has deemed it fit to re-engage with the FDA on determining next steps for the target drug “pirfenidone” with the final goal of making the drug commercially available. The updated new drug application is likely to be filed by the end of the September this year, as per insiders in the drug firm who are not authorized to disclose the details of the development road map.
Strong Approval Track Record In Other Markets
The huge demand for InterMune Inc (NASDAQ:ITMN) stock, is to be expected since “pirfenidone” has already received regulatory approval from FDA counterparts of Canada and Europe. The drug is being sold under the label of Esbriet in these markets. In addition, the drug has already received the go ahead to market its products in countries as far ranging like China, India, Argentina and Mexico. Considering the success the drug has had in clearing tests of stringent regulators like those of Japan, it seems that it is only a matter of time before FDA too clears the target drug “pirfenidone” for commercialization.