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Infinity surges on blood cancer study data

NEW YORK (AP) -- Shares of Infinity Pharmaceuticals Inc. climbed to their highest level in a decade Monday after the company reported positive results from an early clinical trial of its drug IPI-145 as a treatment for blood cancers.

Infinity said it the drug was active against advanced blood cancers like chronic lymphocytic leukemia and Hodgkin's lymphoma. The study is not over, as Infinity is testing increasing doses of the drug. On Monday, the company reported results from testing on 55 patients. Infinity has no approved drugs, and has two products in clinical testing.

The Cambridge, Mass., company said the most common side effects in the trial included lower levels of blood cells and increased levels of liver enzymes.

Infinity is also testing IPI-145 as a treatment for asthma and rheumatoid arthritis. It is studying another drug, Retaspimycin, as a treatment for lung cancer.

Infinity Pharmaceuticals gained $4.83, or 21.4 percent, to $27.35 on Monday. It hit a session peak of $27.60, a level last seen in 2002.