The Nasdaq Biotech Index ended trading up almost 1% on Thursday as biotechs were generally in the green.
Threshold Pharmaceuticals (NASDAQ:THLD) gained almost 13% on the day as the company announced that the FDA had granted Glufosfamide, its pancreatic cancer drug, Orphan Drug Status. Glufosfamide is currently in phase 3 as a second-line treatment for pancreatic cancer, and phase 2 in combination with Gemcitabine as a first line treatment.
Abraxis BioScience (ABBI) shares gaind more than 7% on the day after the company announced that the European Medicines Agency accepted its application for Abraxane for treatment of breast cancer. Abraxane is coated paclitaxel, and utilizes albumin coating and delivery system technology developed by Abraxis. The typical wait for a decision by the European Medicines Agency is about 12 months.