Peregrine shares jump after drug demos brain cancer efficacy

Shares of Peregrine Pharmaceuticals got a bump this morning after investors got a taste of positive mid-stage data on its brain cancer therapy Cotara. Its stock jumped 21 percent on the news that the interim numbers demonstrated efficacy in a small group of patients with glioblastoma multiforme.

"This interim data from our Phase II trial suggests that Cotara has the potential to be a valuable new therapy for patients with glioblastoma, a devastating disease with few treatment options," said Dr. A.K. Mahapatra, professor of neurosurgery at AIIMS and principle investigator on the Cotara study. "Our experience to date with Cotara shows that it is feasible to administer and is quite well tolerated in these very ill patients.  Most importantly, Cotara has demonstrated promising signs of efficacy. We look forward to enrolling more GBM patients in the Cotara trial over the coming months and to further assessing the experience of the patients treated to date."

The data is being presented today at the XIV World Congress of Neurological Surgery Annual Meeting in New Delhi. Researchers collected interim data on 10 patients in the study.

- read the press release for more info