Sinovec Biotech Explodes Higher After Phase III Results

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Shares of small-cap biotech name Sinovec Biotech
SVA
have been extremely volatile on Thursday after the company announced (prior to the opening bell) preliminary Phase III data for its Enterovirus 71 vaccine. The data showed that the vaccine was 94.5 percent efficacious against hand, foot, and mouth disease caused by Enterovirus 71. At last check, the stock was trading up around 30 percent after jumping as much as 59 percent in morning trade. Shares opened the day at $3.63 and hit a high of $5.09 in the early going. The stock closed Wednesday's trading session at around $3.19. Dr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, "We are excited to report an over 95% efficacy rate from the Phase III trial on our proprietary EV71 vaccine candidate. The conclusion of this trial marks an important milestone in the development of our proprietary vaccine. Hand, foot, and mouth disease continues to represent a significant unmet public health need and economic burden in China, as well as several other Asian countries. Our EV71 vaccine is poised to provide an effective solution to prevent hand, food and mouth disease caused by EV71, a much needed resource given the current limited prevention and EV71 specific treatment methods. At Sinovac, we are committed to our stated mission to develop and supply vaccines to eliminate human diseases." In the wake of Thursday's large rise in the share price, SVA is now up a little better than 31 percent in 2013 and 91 percent over the last year. The company is firmly entrenched within the small-cap space with a market capitalization of just $226 million. Sinovac is based in Bejing, China and the company is focused on the research, development, manufacturing and commercialization of vaccines that protect against infectious diseases.
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