Cytos Biotechnology AG (CYTN), a Swiss developer of an experimental drug for allergic asthma, rose to the highest in almost three months after saying a problem with a trial of the product won’t delay results of the study.
Cytos climbed 3 percent to 4.41 Swiss francs in Zurich, the highest price since Oct. 24, giving the company a market value of 98.8 million Swiss francs ($106 million). Almost 270,000 shares changed hands, more than three times the average three- month daily volume. The stock has advanced 56 percent this year, for the second-best gain on the Swiss Performance Index.
Cytos will replace material to be used in the trial of its CYT003 drug after a “technical issue” was discovered with the rubber stoppers used to close injection vials, the Schlieren, Switzerland-based company said in a statement today.
“Overall guidance for the clinical trial remains unchanged,” Cytos said. The first results from the study will be available in the first half of next year, it said.
To contact the reporter on this story: Simeon Bennett in Geneva at email@example.com
To contact the editor responsible for this story: Phil Serafino at firstname.lastname@example.org