solbec in the melbourne age newspaper today Drug study result spurs Solbec shares
By Rebecca Urban
June 4, 2004
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Excitement surrounding Solbec Pharmaceuticals' latest boast about the effectiveness of its asbestos-related cancer drug lifted the stock almost 25 per cent yesterday.
More than 3.3 million shares were traded after the Perth-based biotechnology company announced that a University of Western Australia study had found its mesothelioma treatment SBP002 not only destroyed tumours but also strengthened immunity against the disease.
The stock went on to close 2¢ higher, or almost 14 per cent, at 16.5¢.
It was a slightly more muted response than that prompted by a similar announcement from the company eight months ago. In September, 20 million shares changed hands, driving the price up 6¢ when the company revealed that the university would investigate whether the drug had the potential to boost immune response in cancer patients.
Company chief executive Stephen Carter said that although the company already had anecdotal evidence from patients taking the drug under the Australian Special Access Scheme, independent confirmation of the drug's effect on the immune system was an important milestone.
The drug is also in Phase 1 clinical trials at Perth's Sir Charles Gardiner Hospital to assess its safety for treating advanced cancers, particularly mesothelioma and melanoma.
SBP
solbec pharmaceuticals limited
