Canada's Oncolytics Biotech trumpeted some promising late-stage results for its viral head and neck cancer therapy, but a distortion in the company's overall survival data rattled investors, sending its shares down as much as 8.6% on Thursday.
Shares of Canada's Oncolytics surged again this morning after the biotech reported out a final analysis on its tumor virus Reolysin, showing a 92% response rate among a small group of 25 patients enrolled in a Phase II study.
the Calgary-based biotech reported tumor shrinkage in 95% of patients analyzed who took its experimental anticancer virus and a pair of chemotherapy drugs for a form of lung cancer.
Shares of Oncolytics Biotech jumped more than 60% this morning after the Canadian biotech revealed positive data on one endpoint from a Phase III study of its anticancer virus in patients with head and neck cancers.
Canada's Oncolytics, which is developing oncolytic viruses as potential cancer therapeutics, has raised about $24 million through the sale of 5.44 million units of the company's stock for $4.60 each.