=Insmed (INSM): bronchiectasis treatment shows promise in a Phase 2 study

• The lung disease is a chronic condition in which the walls of the bronchi — extensions of the windpipe — become thick from inflammation and infection. As a result, patients experience periodic flare-ups of breathing difficulties known as exacerbations.

Shares of Insmed Inc. (INSM) rocketed 51% toward a nine-month high in trading Monday, after the biopharmaceutical company said a phase 2 trial of its treatment of non-cystic fibrosis bronchiectasis (INS1007) met its primary and secondary endpoints. The primary endpoint was statistically significant improvement in time to first exacerbation for two dosage strengths versus placebo, and the secondary endpoint was reduction in the frequency of pulmonary exacerbation. "Our second quarter fiscal 2020 results were driven by improved local case growth in our U.S. Foodservice segment, particularly within our independent customers," said Chief Medical Officer Martina Flammer. "These data provide a strong rationale for continued development in this disease and potentially other neutrophil-driven inflammatory conditions." The stock has lost 15.9% over the past 12 months through Friday, while the S&P 500 SPX, +0.87% has gained 19.2%.

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The biotech company tested two doses of the oral bronchiectasis treatment — 10 milligrams and 25 milligrams — against a placebo.

Patients who received the 10-milligram dose showed a 36% cut in pulmonary exacerbations. The 25-milligram dose resulted in a 25% reduction vs. a placebo. The results for the 10-milligram dose were statistically significant, while the 25-milligram dose didn't meet that bar.