Protagonist Therapeutics (PTGX) witnessed a pre-market surge of 6.41% on Monday, following the announcement of positive topline results from the Phase 3 VERIFY study of their investigational drug rusfertide in patients with polycythemia vera (PV).

The study met its primary endpoint, with a significantly higher proportion of patients achieving clinical response on rusfertide compared to placebo when added to standard of care treatment. Rusfertide, a first-in-class hepcidin mimetic peptide, also demonstrated success across all four key secondary endpoints, including the pre-specified primary endpoint for European Union regulators and patient-reported outcomes.

Importantly, rusfertide was generally well-tolerated, with no new safety findings observed in the study. Following these positive results, Protagonist will receive a $25 million milestone payment from their collaboration partner Takeda, as they plan to work together to submit the findings to regulatory agencies.