BUZZ-Oncolytics Biotech Inc: Gets orphan status for cancer drug in Europe
** Canadian cancer drug developer's U.S.-listed shares up 14 pct at $0.90 premarket
** The European Medicines Agency grants orphan drug designation to company's lead drug, Reolysin, to treat patients with ovarian cancer
** The status gives the drug developer a number of incentives, including 10-year marketing exclusivity in Europe
** The U.S. Food and Drug Administration granted Reolysin orphan status for ovarian and fallopian tube cancer earlier this month
** The drug is also being tested for other cancer indications, including breast, pancreatic and head or neck cancer
** Up to Tuesday's close, stock had risen nearly 50 pct this year
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