November 16, 2010 / 3:33 PM / in 7 years

SemBioSys Genetics shares rise on narrower quarterly loss

Nov 16 (Reuters) - SemBioSys Genetics Inc’s SBS.TO shares rose as much as 30 percent on Tuesday, a day after the Canadian biotech company posted a narrower quarterly loss.

The company posted net loss of C$1.7 million or 3 Canadian cents a share, compared with C$2.5 million, or 7 Canadian cents a share last year.

It earned C$5,974 in revenue from continuing operations, compared with C$24,540 last year.

The Calgary, Alberta-based company’s shares, which have lost nearly 70 percent in value since it said it was considering offering itself up for sale or merger in September, were up 30 percent at 6.5 Canadian cents in morning trade on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Maju Samuel)

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