(MENAFN- ProactiveInvestors - N.America) VaxilBio (CVE:VXL) shares jumped more than 20% on Thursday after the company announced it had secured a US patent on its immunotherapy platform and lead product, ImMucin.
The biotech company based out of Toronto, Canada and Rehovot, Israel, reported that this will be the first US patent issued toVaxilsince the company began developing its immunotherapies about 10 years ago. It is the third patent for the company since listing on the TSX Venture exchange.
Vaxil is developing ImMucin as an immunotherapy for training a patient's immune system, particularly T-cells and antibodies, to attack cancer cells. The solution may help to target a wide range of cancer types.
The company announced at the same time that it had hired Dr. Limor Chen as Vice President, who would focus on advancing operations and clinical affairs. Dr. Chen worked previously within the Special Projects Division at Israel's largest pharmaceutical company, Teva. Most recently, Dr. Chen worked as Head of Business Development for an Israeli biotech, which was successful in listing on the NASDAQ.
The company is also making progress with core R & D activities, building up its clinical operations and laboratory in the Weizmann SciencePark.
Vaxil shares were up 23% at C$0.16 in Toronto.
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