shares rose Tuesday after the company reported positive follow-up clinical data from an ongoing phase II trial of its GVAX cancer vaccine for acute myelogenous leukemia.
The South San Francisco, Calif.-based company said the ongoing findings indicate that vaccine therapy is well tolerated and may reduce residual leukemic cells that persist after chemotherapy. The results were reported at the American Society of Hematology's annual meeting in San Diego.
The trial was conducted at four leukemia bone marrow-transplant centers in the U.S. and involved 54 patients.
"We are encouraged by the results of our ongoing phase II study," the company said. "We believe that GVAX leukemia vaccine represents a potential new treatment option for acute leukemia that may improve on the results of chemotherapy, a particularly important development strategy to consider for elderly patients and patients for whom bone marrow transplantation is not readily available or indicated."
Shares rose 28 cents, or 3.8%, to $7.58, in twice their average daily trading volume.