(Reuters) ? Peregrine Pharmaceuticals Inc said breast cancer patients taking its experimental combination therapy lived seven months longer than patients who received standard chemotherapy in a mid-stage trial, sending its shares up 19 percent.
The company is testing its antibody drug bavituximab in combination with standard chemotherapy in patients with locally-advanced or metastatic breast cancer.
In the trial, patients receiving bavituximab combination therapy survived for an average of 23.2 months, compared with 16 months for patients receiving standard chemotherapy.
Bavituximab is an antibody designed to bind to a type of phosphatidylserine that becomes exposed in malignant or virally infected cells, triggering the body's immune system to attack the damaged cells.
Shares of the company, valued at about $68.4 million, were up 9 percent at 94 cents in early morning trade on Tuesday on Nasdaq.
(Reporting by Balaji Sridharan in Bangalore; Editing by Sriraj Kalluvila)
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