** Canadian biotech company's U.S.-listed shares up 16.6 pct at 54 cents premarket
** Company says U.S. FDA grants its lead drug, reolysin, orphan drug status for the treatment of ovarian cancer
** Orphan designation is granted to drugs developed to treat rare diseases, offering the developer several incentives, including seven-year marketing exclusivity in the U.S.
** Reolysin is being tested for use in a plethora of cancers, both alone and in combination with chemotherapy
** Up to Tuesday's close, U.S.-listed stock had lost nearly 34 pct of its value since Nov.6, when it posted a smaller-than-expected Q3 loss