Cytogen Corp. and Chiron Corp. shares both jumped Tuesday onthe announcement that Italy has given marketing approval toCytogen's OncoScint CR103, a monoclonal antibody-basedimaging agent for colorectal cancer.
Cytogen's European marketing partner, EuroCetus B.V., now hasobtained approvals for the product in seven Europeancountries.
"Colorectal cancer is a serious disease in Italy, accounting for24,000 new cases annually," said Filippo LaMonica, president ofEuroCetus. "With seven countries approved, we can make thismethod of diagnosis available for almost 75 percent of theestimated 150,000 new cases in Western Europe each year."
EuroCetus of Amsterdam, the Netherlands, is a wholly ownedsubsidiary of Cetus Oncology, a U.S.-based unit of Chiron Corp.(NASDAQ:CHIR) of Emeryville, Calif.
Chiron shares climbed to $3.50 to $73.25. Cytogen(NASDAQ:CYTO) of Princeton, N.J., closed at $29.88, up $2.25. --KH
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