- Exelixis (NASDAQ:EXEL) is up 9% premarket on increased volume in response to its announcement that the FDA has approved lead cancer drug cabozantinib, branded as CABOMETYX, for the treatment of patients with advanced renal cell carcinoma who have received prior anti-angiogenic therapy. Market launch will commence in the next few weeks.
- The data supporting approval was generated in the Phase 3 METEOR study which showed treatment with CABOMETYX reduced the rate of cancer progression or death by 42% compared to everolimus [Novartis' (NVS) Afinitor].