Antigenics shares soar for 3rd day on cancer drug data
BANGALORE (Reuters) - Shares of Antigenics Inc (AGEN.O) soared for the third consecutive day and touched a year high on Wednesday, after the company said its cancer vaccine significantly prolonged life of some kidney cancer patients.
On Monday, Antigenics said patients with kidney cancer at intermediate risk of disease recurrence showed about 46 percent lower risk of death when treated with the cancer vaccine, Oncophage.
Shares of the company have shot up more than four-fold since its Friday's close of 73 cents.
Antigenics expects a decision on its European marketing application by late 2009, company spokesperson Sunny Uberoi said, adding that the company has not filed for a marketing approval of the drug in the United States so far.
In October, the company had submitted Oncophage, which is cleared for use in Russia, for conditional approval from the European Medicines Agency as a treatment for kidney cancer.
If approved, it will be the first therapeutic cancer vaccine to receive a marketing license in the European Union.
"In Europe, the preference has been to seek out a European partnership. In the United States our strategy at this stage would be to market the product ourselves, if we are approved to treat brain cancer or kidney cancer," Uberoi said.
The biotechnology company said it has enough cash to take the drug's development into 2010.
Antigenics shares touched a high of $3.34 before paring some gains to trade up 70 percent at $2.60 Wednesday afternoon on Nasdaq.
(Additional reporting by Anand Basu in Bangalore; Editing by Aradhana Aravindan)
