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.
Investors seeking more recent stock market news are in luck!
InvestorPlace has all of the most recent stock news traders need to know about today! A few examples include what has shares of Mullen Automotive (NASDAQ:MULN), Asana (NYSE:ASAN) and Anavex Life Sciences (NASDAQ:AVXL) stock in the news. You can read up on that below!
More Friday Stock Market News
- Mullen (MULN) Stock Falls 10% to Reverse ELMS Gains
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- Why Is Anavex Life Sciences (AVXL) Stock Up 30% Today?
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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.