* Says independent board gives positive review on safety
* Says board recommends continuation of trial
* Shares up 32 pct (Adds details, background, updates share movement)
Dec 28 (Reuters) - Vical Inc VICL.O said it received positive review from an independent board on the late-stage study of its experimental cancer treatment, sending its share up as much as 32 percent.
The safety monitoring board completed the trial’s third scheduled safety analysis and recommended that the trial continue per the protocol, the biotechnology company said in a statement.
Vical is developing its experimental Allovectin-7 for the treatment of advanced metastatic melanoma, a potentially fatal type of skin cancer, along with Japanese partner AnGes MG Inc (4563.T).
The company said it has received the full $22.6 million committed by AnGes in exchange of exclusive marketing rights in Japan and other key Asian countries. The therapy is also partnered with Turkey’s Eczacibasi Ilac Pazarlama A.S. (ECILC.IS).
The therapy has been granted orphan drug status by the U.S. health regulators, which implies that the drugmakers will have a marketing exclusivity of seven years in the United States, upon approval.
Allovectin competes with Bristol-Myers Squibb Co’s (BMY.N) ipilimumab, which is undergoing late-stage trials for the same indication.
Share of the company were up 25 percent at $3.45 in morning trade Monday on Nasdaq. They touched a high of $3.64 earlier in the session. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Unnikrishnan Nair)