December 13, 2012 / 3:53 PM / 5 years ago

Oncolytics cancer drug meets goal; shares jump

Dec 13 (Reuters) - Oncolytics Biotech Inc said its experimental cancer drug met the main goal of stabilizing or shrinking tumors in a late-stage trial, sending its shares up as much as 62 percent.

The drug, Reolysin, when used in combination with chemotherapy drugs carboplatin and paclitaxel, shrank or stabilized tumors in 86 percent of the patients tested.

The drug was tested on 105 patients suffering from head and neck cancer.

Similar results were found in about 67 percent of the patients getting only chemotherapy.

Oncolytics shares were up 49 percent at C$3.46 on the Toronto Stock Exchange on Thursday. (Reporting by Shounak Dasgupta and Adithya Venkatesan in Bangalore; Editing by Don Sebastian)

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