Shares Of Epizyme Of Cambridge Skyrocket 80%, After Pair Of Positive Developments
BOSTON (CBS) - Epizyme stock soared on Tuesday, after the company announced two important payments from its partners in the development of new types of cancer drugs.
These therapeutics are based on the human genome, according to Epizyme CEO Robert Gould.
"Understanding the DNA composition of cancer cells would enable one to target very particular cancer cells, so that a particular genetic alteration that was causing those cells to grow abnormally," Gould says.
"By understanding the genetic composition, we could make drugs that really targeted the underlying genetic change, and thereby treat very specifically the cancers that were being caused by these genetic changes," he adds.
WBZ NewsRadio 1030's Anthony Silva reports
Gould calls early results encouraging.
"This particular milestone was triggered by a clinically objective response in patients that have a particularly tragic form of leukemia," he says. "There's no effective treatment for these patients."
Epizyme will receive a total of $29 million in payments from GlaxoSmithKline, and Celgene.