On Tuesday, OXiGENE Inc. (OXGN) said that a clinical trial of its ovarian cancer drug had returned favorable results. OXGN stock more than doubled in Wednesday morning trading, vaulting more than 102%.
OXGN stock skyrocketed after the biopharmaceutical firm said that subjects who received the anti-cancer drug Avastin in combination with zybrestat had displayed a “statistically significant increase in progression-free survival” compared to patients who were treated with just Avastin during a Phase 2 trial. OXGN is conducting a number of clinical trials that pair zybrestat with other anti-cancer drugs, the Wall Street Journal notes.
Though approved as an anti-cancer drug overseas, Avastin has not received FDA clearance for use in the U.S. OXGN is testing at least three drug combinations aimed at combatting ovarian cancers.
OXGN stock closed at $2.42 per share on Tuesday. Prior to Wednesday’s jump, OXGN stock had declined more than 40% over the past year.