shares surged Thursday after the company reported positive data on its cancer drug Advexin.
The Texas-based company said that a phase II trial evaluating Advexin with a certain kind of chemotherapy in women with locally advanced breast cancer showed success in treating tumors.
The data showed the treatment yielded a greater-than-50% reduction in tumor size in all of the patients, while complete tumor removal by subsequent surgery was achieved in 100% of the patients.
"Patients with advanced breast cancer have a poor prognosis and long term survival requires the ability to completely remove the primary tumor surgically," the company said in a release. "These very promising data suggest that Advexin may be combined with neoadjuvant chemotherapy to further reduce tumor size and improve patient outcomes by facilitating complete surgical tumor removal."
Shares rose $1.27, or 16.6%, to $8.92. Almost 6 million shares changed hands vs. the daily average volume of about 151,000.