Dec 10, 2009
Thu. Dec 10 - 4:46 AM
Immunovaccine Inc. of Halifax has had an investigational drug application for its therapeutic cancer vaccine, DPX-0907, cleared by the United States Food and Drug Administration.
The vaccine uses the company’s patented DepoVax system to deliver tumour-specific antigens. The antigens stimulate the body’s immune system to search and destroy cancer cells in patients with breast, ovarian and prostate cancer.
Phase 1 clinical trials for the vaccine will be conducted at five U.S locations and are on track to begin enrolling cancer patients by the end of the first quarter of 2010, the company said Wednesday in a news release.
Beacon Securities Ltd. of Halifax, which recently began analyst coverage of Immunovaccine, said Wednesday the expected U.S. clearance was a positive development for the vaccine company.
It rated Immunovaccine a buy with a 12-month target price of $2 a share.
Immunovaccine stock was trading for $1.38 a share on the TSX Venture Exchange after Wednesday’s announcement, up three cents from its previous close.
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