Stock of Escagenetics Corp. (AMEX:ESN) has more than doubledin the past two days after the company announced it has usedits tissue culture technology to produce the cancer drug taxol.
Escagenetics' stock jumped $4.38 on Wednesday, closing at$10.88. The stock rose $1.25 on Tuesday.
Taxol has been shown in clinical trials to be effective intreating women with advanced breast and ovarian cancer.
Escagenetics is producing taxol at levels "severalfold" greaterthan those produced in the bark and needles of the Pacific yewtree, said Raymond Moshy, president and chief executiveofficer.
The San Carlos, Calif., company said it hopes to be able tomake 100 kilograms of taxol annually in about two years.Supplies of the drug have been limited by the scarcity of yewtrees and the low concentration of the compound in the yew.
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