MISSISSAUGA, Ont. - YM BioSciences Inc. (TSX:YM) shares rose nearly six per cent on Tuesday following an announcement that the company has received FDA clearance for two ongoing Phase 2 trials of its nimotuzumab antibody treatment.
The company's stock gained 10 cents to close at $1.84 on Tuesday at the Toronto Stock Exchange.
The FDA has told YM BioSciences that can enrol patients at U.S. clinical sites into two ongoing trials of nimotuzumab, its lead product, the company said in a release.
Nimotuzumab is a humanized monoclonal antibody that targets the epidermal growth factor receptor in tumours. YM says the drug has demonstrated efficacy in clinical trials without the serious side effects observed with other similar drugs.
The Phase 2 tests cover lung cancer patients who are ineligible for curative treatment and patients with brain cancer that has spread to other parts of the body.
"Nimotuzumab has been demonstrating efficacy in trials throughout the world and this clearance from the FDA is an important milestone in our US development program," said chairman and CEO David Allan.
"We are very pleased that U.S. patients will now have the opportunity to receive nimotuzumab and that a broader group of U.S. oncologists will gain experience with it."