Actelion, one of the world's largest drug manufacturers, has welcomed positive results from the clinical research it is conducting on a new drug.
The encouraging test results came during a late-stage clinical trial into macitentan, which the firm is hoping will replace its flagship pulmonary arterial hypertension drug Tracleer.
It is believed that Actelion will be seeking global regulatory approval for the new drug by the end of the year.
The rush to market is being prompted by the fact that Tracleer's patent protection runs out in 2015 and the drug accounts for the majority of the group's sales.
Speaking about the positive outcome of the firm's latest clinical research trial, Jean-Paul Clozel, Actelion's chief executive and co-founder, said: "I am extremely pleased with the outstanding [macitentan] results.
"We are committed to working with the health authorities to bring this potentially important advancement in pulmonary arterial hypertension to patients as soon as possible."
"Submission of the registration dossier to health authorities worldwide is expected by the fourth quarter of 2012," Mr Clozel added.
The announcement had a rallying effect on Acetlion's share price, which rose by 19 per cent this morning (Monday April 30th).
Tracleer, the firm's current flagship treatment, is used to tackle high blood pressure in the arteries supplying the lungs and has a marked impact on people who regularly find themselves short of breath.
Its replacement with macitentan would allow the firm to garner exclusive production rights for the improved treatment, while other firms gain the right to manufacturer Tracleer alternatives themselves.
Earlier this month, there were concerns among investors about sliding revenues at the drug manufacturer. Net revenues slumped by 19.3 per cent due to reduced products sales and lower contract revenues.
The firm's European arm was responsible for 41 per cent of total sales, compared with 37 per cent of the US, 11 per cent from Japan and less than one per cent for the rest of the world.