April 2, 2013- Oncolytics Biotech Inc. (ONCY) saw the value of its common stock rise on the Toronto Stock Exchange after news was released that the mid-stage trial of its lung cancer drug actually worked.
The company’s stock rose last Thursday by more than ten percent to $3.32 as investors turned extremely bullish and rushed to purchase the company’s shares.
The Calgary-based biotechnology company had a stated goal with its prescription drug which was to see if nine or more patients out of a total of thirty six had a better response to treatment with the new drug in a second stage trial.
The results were even better than what had been expected. The test group of patients was not thirty six people, but only twenty one. Of that target group, nine patients that used the Oncolytics Biotech Inc. drug had at least a partial response. The drug helped fight their cancer.
It’s important to note that this new drug is taken by patients intravenously and that, as stated above, it seems to be working.
Given the seriousness of lung cancer, there are likely to be more drug treatments from other drug companies in the future.