BUZZ-Protagonist climbs as blood cancer treatment succeeds late-stage study

Shares of drug developer Protagonist Therapeutics PTGX.O rise 9% to $41 premarket

PTGX and Takeda 4502.T says its drug to treat a type of blood cancer met the main goal of proportion of patients achieving a response in a late-stage study

Co says 77% of patients who were treated with the drug, rusfertide, responded to it, compared with 33% that received placebo

Drug was tested in patients with the rare blood cancer, polycythemia vera, who require regular withdrawal of blood (phlebotomy) to manage their condition

Co says there was no evidence of an increased risk of cancer in rusfertide-treated patients compared to those on placebo

PTGX rose 23.5% in the last 12 months