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Biotech / Medical : Lorus Therapeutics Inc.

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To: John Fairchild who wrote (160)	5/12/1998 10:43:00 AM
From: John Fairchild	of 279

Post says cancer drug hype boosts stock Imutec Pharma Inc IMTShares issued 367479971998-05-11 close $1.32Tuesday May 12 1998The Financial Post reports in its Tuesday edition that shares of Imutec Pharma rose 40 cents to $1.39 on the Toronto Stock Exchange on Monday, on volume of 1.9 million shares. Market Action columnist John Greenwood says that the Toronto-based biotechnology company's stock soared to an intraday high of $1.50 on Monday on 22 times its average daily volume. The price has more than doubled from a week ago. Imutec released new information about its anti-cancer drug clotrimazole, which is in the early stage of development. According to Imutec chief executive Phillippe Lacaille, the drug has been found to block the growth of cancer cells in the first growth stage. Shares of US biotech firm EntreMed shot up to $85 (U.S.) from $12 (U.S.) last week after a positive report on its anti-cancer drug in the New York Times. The stock fell $1.50 (U.S.) to $31.75 (U.S.) on Monday. Mr Greenwood says that Imutec, whose cancer drug has many of the EntreMed drug's characteristics, also enjoyed a surge in investor interest after the Times article. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

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