Shares of Sophiris Bio Inc. more than doubled in active premarket trade Friday, after the biotechnology company announced positive results from a study of its prostate cancer treatment. The company said the results, which showed that PRX302 (topsalysin) was well tolerated and no new safety signals being reported, and demonstrated an ability to remove or destroy tumor cells in half the patients treated. Sophiris said the results support moving topsalysin into a Phase 2 study. "These promising early results open up the possibility of treating early prostate cancer by the simple administration of an injection into the prostate - something that could be done in an office setting," said according to Dr. Mark Emberton, Investigator, Dean, Faculty of Medical Sciences, University College London. The stock was trading at $2.46, on volume of nearly 700,000 shares around 90 minutes before the open, after closing at $1.17 on Thursday. The stock had plunged 34% year to date through Thursday, while the S&P 500 had gained 3.5%.
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