Oncolytics Biotech Inc said preliminary data from a mid-stage trial showed that its cancer drug, Reolysin, met the main goal of reducing the size of tumors in patients with metastatic melanoma, a type of skin cancer.
Shares of the Calgary-based company rose as much as 11 percent to C$3.14 on the Toronto Stock Exchange on Wednesday. Its Nasdaq-listed shares were up 10 percent.
Reolysin was administered intravenously along with chemotherapy drugs carboplatin and paclitaxel to patients who either failed to respond to prior therapies or were not considered for standard first-line cancer treatment.
"These preliminary results are very encouraging and support progressing to subsequent studies," said Chief Executive Brad Thompson.
Oncolytics said it will not proceed with the second stage of the trial at this time as it try the drug in combination with other emerging treatments.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Roshni Menon)