Endocyte, Inc. (NASDAQ:ECYT) shares surged nearly 50% Tuesday over the company’s latest clinical trial results.

Late Monday, the biopharmaceutical company announced the completion of an exclusive world license of PSMA-617 from ABX GmbH. The company specializes on personalized cancer treatments, and the treatment in question is designed to treat a type of prostate cancer.

Endocyte says it plans on moving quickly into the Phase 3 development of Lu-PSMA-671, which is a radioligand therapeutic (RLT) that is designed to treat prostate-specific membrage antigen (PSMA), which is found in nearly 80% of patients with metastatic castration-resistant prostate cancer (mCRPC).

Lu-PSMA-671 works by sending short-range beta-emitting radioactive isotope lutetium (Lu) selectively to tumor cells, promoting the growth of healthy cells in order to better combat the cancerous cells with a high efficacy rate. The treatment is also safer than various alternatives in the market.

The latest chemotherapy treatment by Endocyte was covered in about 20 peer-reviewed publications, which demonstrated a PSA response (meaning there was more than a 50% decline from baseline) in 40% to 60% of patients, as well as a Response Evaluation Criteria In Solid Tumors (RECIST) response rate in soft tissue disease of between 40% and 50%.

The company is hoping to make Lu-PSMA-617 available to the public as soon as possible, and it would make the treatment the first-in-class RLT to aid in treating both bone and soft tissue disease, offering great help to patients suffering from mCRPC.

ECYT stock skyrocketed 49.4% Tuesday.