Oncolytics Biotech Inc said its experimental lung cancer drug was found to be more effective in a mid-stage trial study, sending its shares up more than 10 percent.
Shares of the Calgary-based biotechnology company rose to a high of C$3.32 on the Toronto Stock Exchange on Thursday.
The main goal was to see if nine or more patients had a partial or better response to the treatment in the second stage trial, which studied 36 patients.
The endpoint was met after 21 patients were treated. Nine of them showed partial response, while another nine showed stable disease and three showed progressive disease.
The drug, Reolysin, was used intravenously in combination with chemotherapy drugs carboplatin and paclitaxel on patients with squamous cell lung cancer.
The U.S. mid-stage trial was divided into two parts. The first part of a mid-stage trial had earlier met the main goal of showing patient response.
"Based on the positive data seen to date, we intend to conduct further studies in this indication," Chief Executive Brad Thompson said.
The secondary objectives of the trial, for which data is yet to be released, includes assessment of progression-free survival and overall survival for the treatment regimen in the study population, the company said.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Saumyadeb Chakrabarty)