Exelixis shares rose to their highest level since 2002 on Wednesday after the company said it received approval from the European Commission for Cabometyx tablets to treat advanced renal cell carcinoma in adults following prior vascular endothelial growth factor targeted therapy. EXEL was over 5% higher at $13.03 recently, trading in a new 52-week range between $3.55 and $13.19.
The approval is based on data from a phase 3 study showing improved overall survival, progression-free survival, and objective response rate of advanced renal cell cancer patients administered with Cabometyx.
This approval allows for the marketing of Cabometyx in all 28 member states of the European Union, Norway and Iceland.
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