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November 30, 2012 at 09:09 AM EST
Exelixis Wins First Approval of Cancer Drug
MINYANVILLE ORIGINAL Exelixis (NASDAQ:EXEL) got its first approval for the company’s lead drug Cometriq getting the green light from US officials to sell a treatment for a rare form of thyroid cancer. The market for the first indication sought medullary thyroid cancer is very small and hardly justifies the many years of work and hundreds of millions of dollars spent to develop the drug also known as cabozantinib. Yet the first approval is important as Exelixis hopes to ultimately get government clearance to sell its drug for multiple cancers. The company is in the late stages of testing Cometriq ...
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