IDM Pharma (IDMI) Continues Run-Up Following Positive Results From Bone Cancer Treatment

Tuesday, February 5, 2008

February 5, 2008 1:58 PM EST

Shares of IDM Pharma (Nasdaq: IDMI) have seen an impressive run-up the past few days after the company announced that a late-stage clinical trial for its rare bone cancer drug returned positive results and reduced the risk of death by 30%.

Yesterday, the Journal of Clinical Oncology published findings from the Phase 3 mifamurtide (L-MTP-PE) clinical trial (INT-0133) for Osteosarcoma, a rare and often fatal bone tumor that typically affects children and young adults. The landmark clinical trial, which is the largest study completed in this disease was a National Cancer Institute funded cooperative group study conducted by the Children's Oncology Group. L-MTP-PE in combination with chemotherapy demonstrated a significant long-term overall survival advantage in the largest Phase 3 clinical trial completed in patients with osteosarcoma.

The stock rose 44% yesterday and is up another 60% today. After close at $0.79 last Friday, the stock now trades at $1.83