Inex Pharmaceuticals Corp.'s shares jumped 13.5 per cent yesterday after the drug developer reported a turnaround in its second-quarter results.
Stock in the Vancouver-based junior company rose 3.5 cents to close at 29.5 cents on the Toronto Stock Exchange. Earlier yesterday, Inex reported profit for the three months ended June 30 of $21.2-million, compared with a loss of $11.3-million the year earlier. Revenue for the quarter reached $6.1-million.
Inex said most of the money came from licensing payments made by partners Hana Biosciences Inc. and Alnylam Pharmaceuticals Inc.
The cancer drug company said most of the gain came from the purchase and settlement of exchangeable and development notes worth $26.8-million.
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