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Immunex stock jumps
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June 7, 2000: 12:52 p.m. ET
Biotech company wins approval for new use of fast-selling arthritis drug
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NEW YORK (CNNfn) - Biotech firm Immunex Corp. has won regulatory approval for expanded use of its biggest-selling product, rheumatoid arthritis treatment Enbrel, sending its stock up about 14 percent Wednesday afternoon.
The company received U.S. Food and Drug Administration approval late Tuesday to allow doctors to prescribe Enbrel for patients with early stages of the disease. The medication is co-marketed with American Home Products Corp. (AHP: Research, Estimates), which owns a majority stake in the Seattle-based biotech company.
 In midday trading, Immunex (IMNX: Research, Estimates) stock rose 4-13/32 to 36-1/2.
Enbrel accounts for nearly 80 percent of Immunex's total sales.
For the first quarter of the year, Enbrel sales totaled $131.1 million, while overall products sales for the company were $166.7 million. The company also makes drugs to treat cancer and infectious disease.
The company said that a clinical trial of 632 adults with early-stage rheumatoid arthritis found that the treatment reduced symptoms of the illness in patients with moderate to severe cases of the disease. The treatment also was shown to delay joint damage associated with the illness, Immunex said. 
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Immunex
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