09/04/2008
Depressed biotech drug developer Ardana has welcomed a Phase 11 dose study on how its Teverelisk compound treats prostate cancer.
AIM-quoted Ardana, which recently announced it had received a number of potential bid approaches, says the study shows the Teverelix Long Acting compound can reach and maintain testosterone suppression for up to eight weeks, using an alternative formulation for the first time. Chief executive officer Huw Jones says, ‘This is the first time this formulation has been used in a clinical setting and it has produced results.’
After a depressed stock market history, which saw Ardana’s shares plunge from 136p to 9p a year ago, the price has bounced to 16.5p, valuing the company at £11 million. The appeal is speculative.
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