Shares of Lexicon Pharmaceuticals (LXRX) closed up 61% today after the company reported positive phase 3 results in patients with carcinoid syndrome. Carcinoid syndrome is related to a  rare cancerous carcinoid tumor that is typically found in the gastrointestinal tract or the lungs. Patients who get carcinoid syndrome are those whose tumor is in an advanced form. The syndrome causes excessive chemicals to leak into the bloodstream, causing a host of symptoms for the patient. 

Lexicon used its drug telotristat etiprate to treat the study patients, whose syndrome was currently inadequately responsive to current standard-of-care protocols. Study participants who received either 250 mg or 500 mg teloristat etiprate together with standard of care were able to show a statistical significant reduction in symptoms over the standard of care alone.

If teloristat etiprate is approved for carcinoid syndrome it would be the first oral treatment to be successfully produced, and the first addition to the standard of care treatment, in over 16 years.

The company will announce additional results from this phase 3 study -- known as the Telestar study -- at an upcoming scientific conference. Lexicon co-developed this drug with Ipsen SA (IPSEY), which has rights to sell the drug outside of the U.S. and Japan.