Genentech Advances Avastin Trial in Colon Cancer Patients

Shares of Genentech rose 1.98 percent to $70.19 on the New York Stock Exchange at the closing bell on Friday.

The company said the trial advanced since data was being collected faster and patients were enrolled rapidly including a higher number of patients with stage III cancer.

The study, conducted by the National Surgical Adjuvant Breast and Bowel Project, involves more than 2,700 patients with stage II and III cancer. An independent interim assessment of the trial took place in the second quarter of this year but no new or unexpected safety events were found.

The company said safety results will be presented at the annual meeting of the American Society of Clinical Oncology from May 30 to June 3 in Chicago.

"The breadth of Avastin data to be presented at ASCO reflects our commitment to understand if Avastin can provide benefit in different types of cancer and in combination with other therapies, to ultimately provide physicians with more effective treatments for their patients." said Susan Desmond-Hellmann, M.D., M.P.H., president, Product Development at Genentech in a statement.