September 28, 2010 / 3:25 PM / 9 years ago

UPDATE 1-Oncolytics shares rise on cancer-related patent

* Shares jump more than 12 percent

* Patent relating to reovirus granted until 2028

TORONTO, Sept 28 (Reuters) - Shares of Oncolytics Biotech Inc (ONC.TO) jumped more than 12 percent on Tuesday after it announced it had received approval for a U.S. patent relating to its research on cancer treatments.

Shares of the Canadian biotech company climbed 55 Canadian cents, or 12.6 percent, to C$4.92 by late morning on the Toronto Stock Exchange.

Oncolytics, a Calgary-based firm that develops specialized viruses to treat cancer, was granted a patent until 2028 that covers methods for making and using modified reoviruses and also covers pharmaceutical compositions that include them.

The reovirus, short for respiratory enteric orphan virus, is found in human respiratory and bowel systems and also found naturally in sewage and water supplies. Research shows it is an oncolytic virus — it specifically kills cancer cells.

The company is currently running clinical trials including a late phase trial for head and neck cancers using its proprietary formulation of the reovirus, Reolysin.

$1=$1.03 Canadian Reporting by Solarina Ho; editing by Rob Wilson

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