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The Associated Press September 13, 2010, 1:41PM ET

Incyte to begin study on blood cancer drug

Incyte Corp. said Monday it reached a deal with the Food and Drug Administration on a design for a late-stage study of a potential treatment for a blood cancer.

The company is developing INCB18424 as a treatment for polycythemia vera, a blood disorder in which the bone marrow overproduces red blood cells and makes the blood too thick.

The study is expected to enroll 300 patients, with enrollment beginning in the U.S. in October.

Shares of Incyte fell 9 cents to $13.97 in afternoon trading.

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