Transcript for Puma Biotechnology Soars on Breast Cancer Drug Results
I'm Michelle Franzen in New York is Wall Street closes this Wednesday July 23 -- -- story stock. Today a look at who biotechnology. Makers -- a promising new drug in the fight against breast cancer. Positive results in a clinical trial produced an eye popping jump. In the stock price here with the details Shibani Joshi of Yahoo! finance thanks -- joining us once again before we dig into the dollar issues here. Give us an idea about the new cancer drug and the results of this latest clinical research. The app promising is certainly the best way and into it described the results that came -- from human Biotech today the company released the latest results and -- stage three. Clinical trials and average yield the results of its experimental breasts and breast cancer drug -- is called near Acton him. And basically what they were able to show is that the drug was able to block the re occurrence. Breast cancer for those who had -- in the very early stages. Days it based -- Aaron had a 2800 different women as part of the trials. And to -- were able to increase survival rate -- 33%. In overall good news. For the stock but certainly just sort of fat and with the end result as well -- so what is the next step in this FDA's process. They need to get FDA approval and they said the company is going to start to eight apply for that sometime in the first half of next year. Then after that has to go through only the approval process or not gonna see this drug anytime soon but the process is beginning next year you mentioned the stock tripled and -- let's take a look at -- today's stock chart and just walk us through it. Yet yesterday the company's stock prices closed near sixty dollars and then throughout the trading day -- concede they huge jump. On that occurred around 12 PM eastern time today the stock price jumped. Three I mean almost just short of 300%. Any -- data 176. Dollars. Per share tripling in price end and -- clearly having a very positive reaction to be very positive clinical trial results. Investors liking what they see for sure Biotech was founded by -- our -- -- made a lot of money on paper today how much it is now worth jump. We've got -- minted billionaire at least on paper because of -- ad because of his ownership stake he started and founded the company back in 2000 intent he owns four million shares and then use the ability. To exercise options on 2.3 million Morris we're talking in the order of six million -- and -- that's according to -- recent. Proxy. Report issued this year. That makes and literally a billionaire in one day and that while he's probably having a nice dinner tonight -- he can imagine -- -- they don't call it big -- for nothing should we expect from the Biotech to become a takeover target now. These larger pharmaceutical giants this is a way that the industry works -- they start out small they go through all the -- -- all the trials and and basically. Come up with a viable product and then they start to get -- and encroached upon by electric companies in our back and -- has. Previous experience with -- as he actually sold his last Biotech company back in. I 2009 to Johnson and Johnson's -- imagine that this could be potentially and I in the cards for whom Biotech as well. A promising day for this company and that results Shibani Joshi of Yahoo! finance thank you for joining us think you're watching stories stocks stay with abcnews.com. -- latest business headlines I'm Michelle -- in New York.
This transcript has been automatically generated and may not be 100% accurate.