(Updates shares in second paragraph.)
Nov. 4 (Bloomberg) -- Inhibitex Inc., the maker of an experimental drug to treat infections associated with the hepatitis C virus, more than doubled as the medicine showed antiviral activity with no serious side effects in a study.
Inhibitex soared $4.58 to $8.54 at 4 p.m. New York time, for the biggest gain since the drugmaker first sold stock to the public in June 2004. The shares of the Alpharetta, Georgia-based company have tripled this year.
INX-189, given at 200 milligrams once a day for a week, was potent and well tolerated in a clinical trial, Inhibitex said today in a statement. That dose had a similar efficacy to a medicine made by Princeton, New Jersey-based Pharmasset Inc., and Inhibitex indicated it may test a higher dose, Robyn Karnauskas, an analyst with Deutsche Bank Securities, wrote in a research note today.
“This could create a near-term catalyst,” Karnauskas said.
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