Shares of Novo Nordisk AS jumped Thursday after the Danish insulin maker released positive results on its experimental diabetes drug the day before the American Diabetes Association begins its annual conference in Chicago.
U.S. shares of Novo Nordisk rose $5.94, or 5.9 percent, to $106.98 in midday trading. Shares have traded between $60.35 and $107.30 during the past 52 weeks.
The company said its drug liraglutide, when used with the diabetes drugs metformin and glimepiride, lowered average blood sugar levels in diabetics 0.2 percentage points more than patients given insulin glargine, the active ingredient in Sanofi-Aventis SA's Lantus. Novo Nordisk said the reduction in blood sugar was statistically significant.
Representatives at Sanofi-Aventis were not available for immediate comment. U.S. shares of the French drug maker fell 13 cents to $40.69.
Patients before the start of the study had average blood sugar levels of 8 percent to 8.5 percent, well above the ADA's recommended 7 percent. Novo Nordisk said more than half of the patients given liraglutide reached 7 percent or less, and that 35 percent of patients reached a blood sugar level of 6.5 percent or less.
The company said patients given liraglutide also lost an average of 7.7 pounds after 26 weeks. Patients before the trial weighed an average 187 pounds.
Liraglutide is expected to compete with Byetta, a Food and Drug Administration-approved drug sold by Eli Lilly & Co. and Amylin Pharmaceuticals Inc.
Shares of Lilly dropped 26 cents to $56.15, and Amylin shares fell 25 cents to $41.05.
U.S. shares of Novo Nordisk rose $5.94, or 5.9 percent, to $106.98 in midday trading. Shares have traded between $60.35 and $107.30 during the past 52 weeks.
The company said its drug liraglutide, when used with the diabetes drugs metformin and glimepiride, lowered average blood sugar levels in diabetics 0.2 percentage points more than patients given insulin glargine, the active ingredient in Sanofi-Aventis SA's Lantus. Novo Nordisk said the reduction in blood sugar was statistically significant.
Representatives at Sanofi-Aventis were not available for immediate comment. U.S. shares of the French drug maker fell 13 cents to $40.69.
Patients before the start of the study had average blood sugar levels of 8 percent to 8.5 percent, well above the ADA's recommended 7 percent. Novo Nordisk said more than half of the patients given liraglutide reached 7 percent or less, and that 35 percent of patients reached a blood sugar level of 6.5 percent or less.
The company said patients given liraglutide also lost an average of 7.7 pounds after 26 weeks. Patients before the trial weighed an average 187 pounds.
Liraglutide is expected to compete with Byetta, a Food and Drug Administration-approved drug sold by Eli Lilly & Co. and Amylin Pharmaceuticals Inc.
Shares of Lilly dropped 26 cents to $56.15, and Amylin shares fell 25 cents to $41.05.
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