Avecho Biotechnology jumps after drug delivery system clears toxicology study

Avecho Biotechnology

04/11/2020 03:29

** Shares of Avecho Biotechnology Ltd  AVE.AX  rise as much
as 40% to A$0.014, their highest since Oct. 26
    ** Biotech firm says its improved Propofol TPM formulation
has passed a critical toxicology study milestone  urn:newsml:reuters.com:*:nASX4Vh2s0
    ** Co's Propofol is a general anaesthetic used for the
induction or maintenance of sedation during surgical procedures
    ** Toxicology study conducted at U.S.-based Charles River
Laboratories demonstrates Avecho's improved Propofol TPM vehicle
is acceptable for a continuous 24-hour infusion in rats
    ** Stock posts its biggest intraday percentage gain since
Oct. 23
    ** About 9.8 mln shares change hands, compared with the
30-day average volume of over 4.8 mln shares
    ** Stock had more than doubled in value this year, as of
last close
    
    

 (Reporting by Nikhil Subba in Bengaluru)
 ((Nikhil.Subba.thomsonreuters.com@reuters.net))