BioInvent Soars After Positive Study Results: Stockholm MoverToby Alder
BioInvent International AB, a Swedish biotechnology company, led gainers in the OMX Stockholm All-Share Index after announcing positive results in a study of patients with multiple myeloma.
BioInvent rose as much as 52 percent in Stockholm, its biggest intraday gain since 2001. The shares were trading 28 percent higher at 3.88 kronor as of 12:44 p.m. local time, with trading volume more than 18 times the three-month daily average, valuing the company at 286 million kronor ($44 million).
Initial results for BI-505 for treatment of the cancer type, showed a “favorable safety profile,” the Lund, Sweden-based company said in a statement today. BioInvent, which focuses on antibody treatments against cancer and inflammatory diseases, said final conclusions of the 35-patient study would be available at a later date.
“Although this is still early stage data, the results are encouraging,” Chief Executive Officer Cristina Glad said in the statement. “It adds to our excitement about the potential of this therapy to significantly improve the treatment of patients with multiple myeloma,” she said.