Endocyte shares soar after cancer drug gets EU backing

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Endocyte shares soar after cancer drug gets EU backing

Endocyte Inc's shares more than doubled after the company said its cancer drug was recommended for conditional approval in Europe for ovarian cancer and that the drug improved survival rates in lung cancer patients. "(The conditional approval) is additional evidence that the drug is active and safe and should give investors increased confidence that the ovarian cancer study will be positive," Wedbush Securities analyst Greg Wade said. Endocyte's partner Merck & Co Inc is conducting a late-stage study of the drug, vintafolide, in patients with ovarian cancer who have failed prior treatment. The European Medicines Agency's Committee for Medicinal Products for Human Use recommended conditional approval for the drug along with Endocyte's imaging agents that help identify tumors.

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