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Tekmira Pharmaceuticals Surges 20% Following Clinical Study Update

Kevin Riley

Shares of Tekmira Pharmaceuticals Corporation (NASDAQ: TKMR) spiked up approximately 20 percent Wednesday following an update from the company on its Phase I/II clinical study in patients with advanced Gastrointestinal Neuroendocrine Tumors (GI-NET) and Adrenocortical Carcinoma (ACC).

Tekmira released the following updates:

1. Enrollment of the target patient numbers in these Phase I/II studies has been completed;

2. To date, 55 patients, in the both the Phase I and Phase I/II studies have been treated at doses of ≥ 0.6 mg/kg, considered to be in the efficacious dose range based on preclinical studies. Of these, 31 patients comprise the target population of GI-NET or ACC patients;

3. Nine GI-NET and ACC patients remain actively on treatment, and data collection is ongoing;

4. The Company continues to see evidence of anti-tumor activity in some treated subjects, including one ACC patient with an almost complete resolution of their disease;

5. Final data from these studies is expected in mid-2015.

"Having completed enrollment in these studies, we will follow these patients to measure the responses observed with TKM-PLK1 in patient groups where there are very few, if any, treatment options," said Dr. Mark J. Murray, Tekmira's President and CEO. "We are on track to report complete study results and determine the TKM-PLK1 development path forward next year."

The stock pulled back from its morning highs and recently traded at $15.98, up 14.9 percent.

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