BUZZ-Oncolytics Biotech Inc: Cancer drug gets second orphan drug status in two days

Tue Mar 3, 2015 7:08am EST
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** Canadian biotech company's U.S. shares up 17 pct at $1.25 premarket

** U.S. FDA gives company's lead drug, Reolysin, orphan drug status to treat of a type of abdomen cancer

** Drug had also been given orphan drug status for treatment of fallopian tube cancer on Monday

** The status, granted to drugs being made to treat rare diseases, gives developers incentives, including 7-year marketing exclusivity

** Reolysin also being tested for other cancer indications, including breast, pancreatic and head or neck cancers

** Including Monday's gains, the U.S.-listed shares had more than doubled this year

** Still Monday's close of $1.07 is $1 short of the stock's 52-week high, hit in March last year