Studies Pep Up EpiCept

EpiCept (EPCT Quote) jumped 78% in furious trading Friday after the biotech said it got positive study results on a brain tumor drug it has licensed to another drug company.

The Tarrytown, N.Y., company said Myriad Genetics (MYGN Quote) presented data at the annual meeting of the American Association of Cancer Research in Los Angeles. EpiCept said the results "indicate the potential of Azixa to act as a vascular disrupting agent, in addition to its previously demonstrated apoptosis inducing capabilities."

"Myriad's findings are another indication of the substantial clinical opportunity that Azixa represents," said EpiCept chief Jack Talley. "Our agreement with Myriad provides for significant financial benefits for EpiCept, both in the form of milestone payments and sublicensing income as well as future royalties in the event Myriad's development of Azixa continues to progress successfully."

EpiCept soared $1.77 to $4.05, while Myriad rose 39 cents to $35.91.