By Dow Jones Business News, April 22, 2014, 08:53:00 AM EDT

By Tess Stynes

Pfizer Inc. ( PFE ) said two Phase 3 studies to evaluate the effectiveness and safety of its treatment for adults with moderate-to-severe plaque psoriasis showed positive results.

The studies of the twice-daily pill--known as tofacitinib -- at two dosing levels was more effective than a placebo in achieving a response of "clear" or "almost clear" at 16 weeks and in the portion of patients achieving at least a 75% reduction in the severity and area affected by psoriasis.

Pfizer plans to submit a supplemental new drug application to the U.S. Food and Drug Administration by early next year.

Tofacitinib -- sold domestically under the brand name Xeljanz -- is approved in more than 20 countries for adults with hard-to-treat cases of moderate-to-severe rheumatoid arthritis.

Write to Tess Stynes at tess.stynes@wsj.com

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Pfizer Treatment for Psoriasis Shows Positive Results in Studies