Early results from trial of new oral med INCB18424 - at least equal & possibly superior to injected biologic drugs

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UPDATE 1-Incyte up 20 pct on early arthritis, diabetes data

http://www.reuters.com/article/health-SP/idUSN0852581120080109

LOS ANGELES, Jan 8 (Reuters) - Incyte Corp shares rose 20 percent on Tuesday

after the biotechnology company reported encouraging data from early-stage

studies of its experimental drugs for rheumatoid arthritis and diabetes.

Shares of Wilmington, Delaware-based Incyte rose $1.92, or 20.3 percent, to

close at $11.39 on Nasdaq.

The company said in a statement before an industry conference presentation

that it would present positive clinical proof-of-concept results for several

of its wholly owned, internally developed programs. The programs include its

JAK inhibitor for rheumatoid arthritis, myelofibrosis and psoriasis, known

as INCB18424, and its Type 2 diabetes drug called INCB13739.

Incyte also said it would announce plans for a separate diabetes program and

review the key objectives for all its lead programs in 2008.

Chief Executive Friedman said early results from a mid-stage trial of

orally administered INCB18424 appear to be " at least equal, and possibly

superior " to those seen with injected biologic drugs.

JP analyst reiterated his " overweight " rating on the

stock, citing advances in Incyte's pipeline and expectations for

" substantial news flow from its largely proprietary programs. "

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