logo-loader

AVEO Pharmaceuticals shares flying as its kidney cancer drug makes headway

Last updated: 11:47 23 Jun 2017 EDT, First published: 06:47 23 Jun 2017 EDT

shutterstock_313800692
Pictured are cancer cells..

AVEO Pharmaceuticals Inc (NASDAQ: AVEO) raced up 77% as its cancer drug was recommended for approval in Europe.

The drug called Tivozanib is being licensed in Europe by EUSA Pharma Inc, and is intended for advanced renal cell carcinoma, which is the most common type of kidney cancer, which is expected to be one of the fastest growing cancers in the next decade.

The decision from the CHMP (Committee for Medicinal Products for Human Use) will now be referred to the European Commission (EC), with a decision expected in about 67 days.

“A positive opinion from the CHMP is a critical step in our goal of obtaining regulatory approval of tivozanib as a treatment for RCC,” said Michael Bailey, president and chief executive of AVEO.

“Tivozanib’s unique tolerability profile together with the longest progression free survival reported in a Phase 3 first line RCC study, have the potential to fill an unmet patient need for better tolerated treatment in this disease."

AVEO failed to receive US Food and Drug Administration approval for tivozanib back in 2013.

The company has an ongoing phase 3 trial in third-line renal cell carcinoma, with data expected in the first quarter of 2018.

AVEO shares have risen 51.1% over the last three months and today added almost 77% to $1.29.

ARway.ai announces multiple new SaaS developer contracts in both the United...

ARway.ai (CSE:ARWY, OTCQB:ARWYF) Chief Executive Officer Evan Gappelberg joined Steve Darling from Proactive to announce multiple new SaaS developer sign-ups for its augmented reality experience platform, focusing on AR indoor navigation. These partnerships represent significant milestones in...

57 minutes ago