Cytos Rises After Confirming Drug Trial Timeline: Zurich Mover
Cytos Biotechnology AG (CYTN), a Swiss developer of an experimental drug for allergic asthma, rose to the highest in almost three months after saying a problem with a trial of the product won’t delay results of the study.
Cytos climbed 3 percent to 4.41 Swiss francs in Zurich, the highest price since Oct. 24, giving the company a market value of 98.8 million Swiss francs ($106 million). Almost 270,000 shares changed hands, more than three times the average three- month daily volume. The stock has advanced 56 percent this year, for the second-best gain on the Swiss Performance Index.
Cytos will replace material to be used in the trial of its CYT003 drug after a “technical issue” was discovered with the rubber stoppers used to close injection vials, the Schlieren, Switzerland-based company said in a statement today.
“Overall guidance for the clinical trial remains unchanged,” Cytos said. The first results from the study will be available in the first half of next year, it said.
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