Biohit Advances Most in 12 Weeks on Cancer Drug: Helsinki Mover
Biohit Oyj (BIOBV), a Finnish maker of tools to diagnose and prevent gastrointestinal diseases, rose the most in almost three months in Helsinki trading on speculation of increasing sales for its drug to prevent stomach cancer.
The shares advanced for a sixth day, jumping as much as 15 percent, the most since Oct. 8, to 5.10 euros in intraday trading. Biohit added 11 percent at 2:51 p.m. in the Finnish capital, to 4.96 euros, giving the company a market value of 67.5 million euros ($88 million). More than 134,000 shares traded, or four times the three-month average.
Biohit signed Canadian distributor Xediton Pharmaceuticals Inc. for its Acetium product, the company said on Dec. 28. Since then, the stock has gained 34 percent. ProGalenika is the drug’s dispenser in Mexico, Argentina, Brazil, Colombia and Venezuela, according to a Dec. 7 statement.
Acetium is used to bind carcinogenic acetaldehyde, which occurs naturally and is used in food. Biohit won a U.S. patent for the product in October, valid until 2026, and a European patent was granted in July. Acetium is the only product proven to reduce exposure to acetaldehyde, Biohit said on July 20.
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