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Vaccinex Spikes on Deals with Two Pharma Companies

Vaccinex touched a 52-week high after the biotech signed two deals to develop drugs against hard-to-treat targets.

Vaccinex  (VCNX)  shares touched a 52-week high on Friday after the clinical-stage biotech signed multiproject deals with two pharma companies to develop treatments, using its antibody platform, to attack complex antigens.

The Rochester, N.Y., company develops biotherapeutics to treat conditions including cancer and neurodegenerative diseases.

Shares of Vaccinex at last check more than doubled to $6. During Friday trade they'd more than tripled to $9.56 from Thursday's close at $2.87.

Vaccinex said the deals would use ActivMAb, its antibody discovery and viral display platform, for antibody discovery against complex antigens such as GPCRs and ion channels.

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"These two collaboration agreements with prominent pharmaceutical companies underscore ActivMAb’s unique ability to discover promising antibodies against challenging molecules with tangible R&D value," said Ernest Smith, chief scientific officer of Vaccinex, in a statement.

Vaccinex didn't identify the two companies.