Oasmia Pharmaceutical AB (OASM) rose the most in more than three months in Stockholm trading after the biotechnology company said it has developed a cancer treatment candidate combining two widely used cytostatic agents.
Oasmia jumped as much as 0.85 krona, or 8 percent, to 11.45 kronor, its steepest intraday advance since Feb. 19. It traded 3.8 percent higher at 10:05 a.m. local time, giving Oasmia a market value of 900 million kronor ($135 million). The stock has more than doubled in value so far this year, while the OMX Stockholm All-Share Index has gained 13 percent.
A clinical program to bring the experimental drug to market is currently in development and will be started next year, Uppsala, Sweden-based Oasmia said in a statement today.
“Combination therapy is used to treat many types of cancer and increasingly used for other diseases as well,” Oasmia Chief Executive Officer Julian Aleksov said in a telephone interview. “OAS-19 could also offer new treatment options for types of patients that aren’t considered for combination therapy today.”
Shares in the Swedish drugmaker soared 45 percent on Jan. 7 after it said it signed a license and distribution agreement with Abbott Laboratories (ABT) for two canine cancer drug candidates, “significantly” expanding a 2009 deal between the two companies. Oasmia, which doesn’t yet have any products on the market, sold 123 million kronor of shares before costs in November last year to help fund drug development.
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