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Australia's Biota Shares Up 16% On CSIRO Bird Flu Tests
Thursday February 19, 8:02 pm ET
SYDNEY -(Dow Jones)- Shares in Biota Holdings Ltd. surged more than 16% Friday after an Australian government agency issued a favorable statement on its laboratory testing on the flu drug Relenza.
Tests by the Commonwealth Scientific & Industrial Research Organisation, or CSIRO, have shown that Relenza is as effective, in laboratory experience, against the bird flu virus as it is against other strains of flu that affect humans.
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Relenza is licensed to GlaxoSmithKline PLC (NYSE:GSK - News) , which is responsible for worldwide sales and marketing of the product, said Biota.
CSIRO Health Sciences & Nutrition scientist Jenny McKimm-Breschkin tested Relenza's ability to inhibit the bird flu virus, also known as H5N1 strain, which has led to the deaths of millions of chickens in Asia. The flu has also led to a several human deaths this year.
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