Shares in biomedical group Sirtex Medical have soared more than 35 per cent after a clinical trial showed a greater survival rate for patients using its liver cancer drug.
Sirtex on Thursday said a US study had shown its SIR-Spheres microspheres increased the median period of time in which patients lived without their cancer progressing.
The progression-free survival period for patients in the company's Sirflox trial increased by 7.9 months to 20.5 months.
Sirtex also announced a 22 per cent increase in global sales during the first 10 months of the financial year.
Investors cheered the result, sending Sirtex shares up by $7.02 to $27.00 - a two-month high.
The share price rally came just two months after Sirtex shares dropped 55 per cent, wiping more than $1 billion off its market value, due to disappointing early results from the Sirflox study.
The results showed the study failed to achieve its primary endpoint, which was to show that use of its spheres with chemotherapy was more effective than chemotherapy alone.
OptionsXpress market analyst Ben Le Brun said the latest study results were a reminder of the company's longer term prospects.
"The results are very, very encouraging and regardless of that disaster in March, it's still a high-growth stock with a lot of potential," he said.
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