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Puma Biotechnology shares surge on breast cancer drug review news

The benefits of the drug reportedly outweigh the risks, according to briefing documents.

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The candidate is a treatment for early stage breast cancer

Puma Biotechnology Inc (NASDAQ:PBYI) raced up almost 40% in early deals in New York on positive FDA developments.

The powerful US Food and Drug Administration posted briefing documents ahead of its review this week of the company's PB272 (neratinib) for the extended treatment of positive early stage breast cancer.

The benefits of the drug, which addresses an unmet need after the standard of care second-line cancer therapy, reportedly outweigh its risks, according to briefing documents.

The FDA's oncologic drugs advisory committee is scheduled to meet about the drug on Wednesday, and such recommendations are considered by the FDA when deciding whether or not to to approve a drug.

Shares added over 39% to stand at $52.65.

Quick facts: Puma Biotechnology Inc

Price: 8.45 USD

NASDAQ:PBYI
Market: NASDAQ
Market Cap: $329.22 m
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