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Shares of Tekmira Pharmaceuticals soared Friday after the Canada-based firm said the U.S. Food and Drug Administration had allowed potential use of the company's experimental Ebola drug to treat those infected with the deadly virus.

The stock was up nearly 38% at $19.70 in afternoon trading.

The FDA gave verbal approval to change the status on the drug, known as TKM-Ebola Investigational New Drug Application from a full clinical hold to a partial clinical hold. The action may allow the drug to be used to treat the growing list of those afflicted with the Ebola virus.

"We are pleased that the FDA has considered the risk-reward of TKM-Ebola for infected patients. We have been closely watching the Ebola virus outbreak and its consequences, and we are willing to assist with any responsible use of TKM-Ebola. The foresight shown by the FDA removes one potential roadblock to doing so," said Dr. Mark Murray, CEO and President of Tekmira Pharmaceuticals.

"This current outbreak underscores the critical need for effective therapeutic agents to treat the Ebola virus," added Murray."We recognize the heightened urgency of this situation, and are carefully evaluating options for use of our investigational drug within accepted clinical and regulatory protocols."

Located in Vancouver, Tekmira focuses its research on RNA interference, a technique that has the potential to take advantage of the body's natural processes to turn off genes. The company says the process may help "treat serious human diseases that often rely on the production of certain proteins at the genetic level."

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