SHARES of Telix Pharmaceuticals rose sharply on Tuesday after the biotechnology firm announced encouraging results from a late-stage clinical trial for its experimental prostate cancer treatment.

The Australia-based radiopharmaceutical company said the first part of its global Phase 3 ProstACT study achieved its main objectives. According to the company, the trial demonstrated that its investigational therapy TLX591-Tx showed an acceptable safety and tolerability profile among patients suffering from advanced prostate cancer, according to Investing.com.

Investor reaction was immediate. The company’s stock listed on the Australian Securities Exchange climbed as much as 14 percent during trading, reaching A$11.62 per share at its peak. By around 01:20 GMT, the shares were still trading roughly 8 percent higher at A$11.00, reflecting strong market confidence in the drug’s potential.

The therapy being tested is a targeted radiopharmaceutical, designed to attack cancer cells that express prostate-specific membrane antigen (PSMA). It is being developed for patients with PSMA-positive metastatic castration-resistant prostate cancer, a particularly aggressive form of the disease that no longer responds to hormone therapy.

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During the study, the drug candidate was administered alongside commonly used prostate cancer treatments such as Enzalutamide, Abiraterone, and Docetaxel, allowing researchers to assess how the therapy performs when combined with existing standards of care.

Telix said the results pave the way for the trial to move into its next stage, which will involve a larger randomised expansion. This upcoming phase will compare the effectiveness of TLX591-Tx combined with standard treatments against standard therapy alone, helping determine whether the new drug provides a significant clinical advantage.

The company also noted that it intends to submit the trial data to the U.S. Food and Drug Administration, as it seeks regulatory guidance and prepares to expand the study in the United States.

If later stages of testing confirm the therapy’s effectiveness, TLX591-Tx could become a new targeted treatment option for patients with advanced prostate cancer, an area where medical demand remains high.