Oncolytics Biotech (ONCY) Up 25% On Trial News
Oncolytics Biotech (ONCY) is up to $3.73, above its 52-week high.
The company said it has reached an agreement with the U.S. Food and Drug Administration (FDA) under the Special Protocol Assessment (SPA) process for the design of a Phase 3 trial examining REOLYSIN in combination with paclitaxel and carboplatin in patients with platinum-refractory head and neck cancers. The SPA is an agreement between Oncolytics and the FDA that the design and planned analyses of the Phase 3 study is adequately designed to provide the necessary data, that depending upon outcome, could support a license application submission for REOLYSIN.
Douglas A. McIntryre
Weekend of Cancer and Ocology Data at AACR; semi-preview for ASCO (ALTH, AMGN, ARIA, ARRY, AZN, BIIB, CELG, CRIS, IMMU, IMGN, INFI, MEDX, MNTA, ONCY, PFE, PCYC, SUPG, TELK, THLD)
This weekend will kick off a rather important oncology meeting, and it has a chance of setting the expectations for the highly anticipated ACSO (American Society of Clinical Oncology) annual meeting next month. The American Association for Cancer Research Meeting will take place in Denver, CO. and many of the smaller and larger cancer and disease biotech and drug companies will be presenting data. Amazingly enough, this will be the 100th annual meeting.
Allos Therapeutics, Inc. (NASDAQ: ALTH) will present data from an in vitro study examining the potency of pralatrexate in colon, breast, ovarian, lung, prostate, and head and neck cancer cell lines.
Amgen (NASDAQ: AMGN) had industry news earlier this week about its experimental drug called AMG 479 shows promise against pancreatic cancer. Amgen will also be presenting lung cancer data.
ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) will offer new preclinical data on deforolimus, its investigational mTOR inhibitor, AP24534, its investigational multi-targeted kinase inhibitor, and its investigational anaplastic lymphoma kinase (ALK) inhibitor.
Array BioPharma, Inc. (ARRY) has eighteen abstracts being presented at the meeting and will disclose findings in 7 new anti-cancer programs. Lung and colon cancer data are in these presentations.
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Oncolytics Biotech: New Emerging Cancer Play? (ONCY)
Oncolytics Biotech Inc. (NASDAQ: ONCY) is a small biotech based in Canada which many traders have not heard of. The company has announced interim results of a Phase II study of intravenous REOLYSIN® in patients with sarcomas metastatic to the lung (lung cancer).
The company presented data at ASCO over the weekend entitled “A Phase II Study of Intravenous REOLYSIN in the Treatment of Patients with Bone and Soft Tissue Sarcomas Metastatic to the Lung.”
The results demonstrate on an interim basis that the treatment has been well tolerated to date, with 8 of 16 evaluable patients experiencing stable disease for periods ranging from two to more than ten 28-day cycles.
The company had previously announced that the third patient treated in the study was demonstrated to have stable disease by RECIST criteria for more than six months as measured by CT scan. A PET scan taken at the same time showed that any residual mass was metabolically inert. While this is based upon a small target group, this is also a tiny company that could see major rewards and major returns if this can show impressive numbers in larger test groups.
Shares are up about 7% at $2.31 today after almost 1-hour of trading. Its 52-week adjusted trading range is $1.44 to $2.77. Its normal trading volume is 41.850 shares and it has already more than doubled its normal trading volume. This one is probably too thin for CNBC to pick up today and with under a $100 million market cap it might avoid it entirely.
The company does have a small balance sheet but also has ample liquidity to fund itself for roughly three years or more at current cash burn rates.
Jon Ogg
June 2, 2008
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