Puma Biotechnology Inc (NASDAQ: PBYI) shares gained almost 9% to $93.72 after unveiling highly positive drug development news.
The US FDA have approved of NERLYNX for the extended treatment of HER2-positive early stage breast cancer, the firm reported.
The drug is expected to hit the market in September and is used after traditional treatment to avoid recurrence of the condition.
Puma said up to one in four patients experience recurrence after treatment, but studies of its drug had shown a 34% reduction in recurrence.
"The fear of recurrence is ever present in the minds of most women with breast cancer, from the moment they are diagnosed to long after they finish adjuvant treatment," said Marisa C. Weiss, chief medical officer and founder of Breastcancer.org.
“New and effective innovative therapeutic options provide huge hope to patients and their families, giving them a better chance of overcoming breast cancer with a chance for a full life.”
Shares in the firm have gained more than 117% in the past three months.