March 13 (Bloomberg) -- Cytos Biotechnology AG, a Swiss developer of an experimental drug for allergic asthma, rose to the highest in almost two months after the medicine met its main goals in a patient study.
Cytos climbed 9.7 percent to 4.29 Swiss francs in Zurich, the highest since Jan. 16, giving the Schlieren, Switzerland-based company a market value of 96.2 million francs ($101 million). Almost 280,000 shares were traded, six times the three-month daily average. The stock was the second-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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