Cytos Biotechnology AG (CYTN), a Swiss developer of an experimental drug for allergic asthma, rose to the highest price in almost two months after the medicine met its main goals in a patient study.
Cytos climbed 14 percent to 4.44 Swiss francs as of 9:32 a.m. in Zurich, the highest intraday level since Jan. 17. That gives Schlieren, Switzerland-based Cytos a market value of 95.3 million francs ($101 million). More than 137,000 shares were traded in the first half hour, almost three times the three- month daily average. The stock was the biggest gainer on the Swiss Performance Index.
In a trial among 63 patients in Germany, those treated with the drug, CYT003, had improved control of their asthma after treatment with inhaled corticosteroids stopped, while those who received a placebo saw their disease worsen, Cytos said in a statement today. The drug was safe and generally well-tolerated, Cytos said.
Results from a follow-up trial in 360 patients that started in the fourth quarter of last year are expected in the first half of 2014, Cytos said.
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