Shares in biotech Prima Biomed have surged more than 40 per cent after it received European endorsement for the development program of a drug to treat breast cancer.
Prima is planning a Phase IIb clinical trial of its lead product, IMP321, on about 200 patients with metastatic breast cancer, later in 2015.
Prima said on Tuesday that it had received positive scientific advice from the London-based European Medicines Agency (EMA) on the development path for IMP321.
The EMA is responsible for the scientific evaluation of medicines developed by pharmaceutical companies for use in the European Union.
Scientific advice is a procedure offered by the EMA to pharmaceutical firms to clarify questions arising during the development of medicinal products.
"While the EMA never endorses any statement on the likelihood of future regulatory decisions, the agency's communication has suggested that the achievement of certain clinical endpoints may lead to marketing authorisation in the EU (European Union) based on this one pivotal study," Prima said.
Prima shares closed 2.6 cents, or 44.07 per cent, higher at 8.5 cents.
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