MADRID (Reuters) – Shares of Spanish biopharma company Oryzon Genomics soared on Tuesday after the U.S. National Cancer Institute agreed to test a new anti-tumor drug, the company said in a statement.
The collaboration will assess the safety and efficacy of iadademstat, the name of Oryzon’s drug, in cancer patients with different hematological and solid tumors.
“This research and development agreement with the NCI is a strong validation of iadademstat, probably the most potent and selective LSD1 inhibitor currently in clinical development,” Oryzon CEO Carlos Buesa said.
Stocks in the Barcelona-based company were up 17.2% to 2.76 euros following the announcement on Tuesday morning.
(Reporting by Christina Thykjaer, Editing by Inti Landauro, Emma Pinedo and Ed Osmond)
