Cangene starts year with breakthroughs

February 17, 2013

CANGENE Corp. has started 2013 with a bang.

At the beginning of the year, it announced the U.S. Food and Drug Administration has approved a drug called Varizig for use in high-risk patient groups such as immunocompromised children, newborns and pregnant women who have been exposed to chickenpox.

Last week, the Winnipeg biotech company acquired a hemophilia compound that is in late-stage clinical trial from a company that is under bankruptcy protection in the U.S.

Then this week, it issued a press release saying it passed a major hurdle in a lengthy project to get the FDA to license its botulism antitoxin BAT.

Cangene developed BAT under a $427-million contract with the U.S. Department of Health and Human Services.

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"I believe the reason for the increase in the stock price is not attributable to any singular event such as yesterday's (BAT) news. It's really more of a reflection of an understanding by the market that Cangene is realizing on a series of strategic steps to create value for shareholders." -Francis St. Hilaire, Vice-President, General Counsel and Secretary, Cangene