Rigel Pharmaceuticals (NASDAQ:RIGL) stock is heading higher on Friday after getting approval from the U.S. Food and Drug Administration (FDA) for its leukemia treatment.
Specifically, the FDA has approved REZLIDHIA for the treatment of adult patients with relapsed or refractory acute myeloid leukemia with a susceptible isocitrate dehydrogenase-1 mutation. The drug works by reducing 2-hydroxyglutarate levels, which restores “normal cellular differentiation of myeloid cells.”
Rigel Pharmaceuticals already has an exclusive worldwide agreement with Forma Therapeutics for the development, manufacturing and commercialization of REZLIDHIA. This will have Rigel Pharmaceuticals handling the U.S. launch of the drug. It also intends to seek out partners for worldwide distribution.
Raul Rodriguez, President and CEO of Rigel Pharmaceuticals, said the following about the approval:
“We are delighted by the approval of REZLIDHIA based on the strength of data supporting the efficacy and safety of the product […] REZLIDHIA provides a new and important, oral therapy option for patients who typically have a poor clinical outcome. Additionally, this approval greatly strengthens and expands Rigel’s commercial hematology-oncology portfolio.”
RIGL Stockholders React to the News
Investors are pleased with the approval as heavy trading sends shares of RIGL stock higher today. As of this writing, some 40 million shares have changed hands. That’s a major leap over the daily average trading volume of 2.7 million shares.
RIGL stock is up 41.7% as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.