YM BioSciences Inc YMI

YM BioSciences shares soar on U.S. cancer trial ru

[2rip]

YM BioSciences shares soar on U.S. cancer trial ruling

*U.S. ruling allows company to expand cancer trials

*To ask FDA for permission to seek U.S. commercialization

*Shares soar 100 percent

TORONTO, Aug 10 (Reuters) - Canada’s YM BioSciences was granted a U.S. licence to develop a cancer tumor treatment in the United States and said it would seek permission to commercialize the drug in the U.S. market, sending its shares up 100 percent.

The Toronto-area company said its U.S.-based subsidiary received the licence from the Treasury Department’s Office of Foreign Assets Control allowing it to develop its lead product, nimotuzumab, for patients with solid tumor cancers.

Previously, the company was only allowed to import the drug into the country for studies on brain cancer in children under U.S. restrictions on drugs that originated in Cuba.

The company obtained the rights for the treatment a number of years ago from the Center of Molecular Immunology in Cuba.

U.S. restrictions on Cuban-origin drugs were relaxed recently, paving the way for the company to expand the geographic scope of its trial. "This is very good news for patients in the U.S. as they will have access to this potentially best-in-class drug," said Chrystyna Bedrij, an analyst at Griffin Securities, in New York.

YM chief executive David Allan said the company would begin discussions with the Food and Drug Administration immediately for permission to include U.S. patients in its lung cancer and brain metastases trials.

Allan also said the company would ask the FDA for permission to begin commercialization talks with pharmaceutical companies in the U.S. which is also blocked under the Cuban restrictions. The market value for that drug is estimated at about $2 billion a year.

The company’s shares were up 55.4 percent at C$1.01 on the Toronto Stock Exchange after touching C$1.30 earlier in the day.

[thedave2006]

so will another pizzeria worker do the honors of recomending thi sone again.  lol.dave.