Oasmia Pharmaceutical AB, a Swedish maker of veterinary drugs, rose the most in over three years in Stockholm after the company said it had received Minor Use designation in the U.S. for its Doxophos Dog cancer treatment.
The designation, from the U.S. Food and Drug Administration Center for Veterinary Medicine, is for lymphoma, a cancer where white blood cells are turned into tumors, the Uppsala-Sweden based company said in a statement today.
The stock rose as much as 26 percent to 9.35 kronor and was trading up 4.1 percent to 7.7 kronor at 1:35 p.m. in the Swedish capital, valuing the company at 464 million kronor ($67 million.)
The classification allows for a seven-year market exclusivity when registered and eligibility for conditional market authorization, Oasmia said. The company would face no generic competition for the approved use of the drug for that time, it said. Oasmia will be eligible to request conditional approval to sell the drug before collecting all necessary efficacy data, but after proving the treatment is safe.