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Rigel Pharmaceuticals (RIGL) Stock Soars on FDA Approval News

  • Rigel Pharmaceuticals (RIGL) stock is rising on approval for its leukemia treatment.
  • The company plans to launch the product in the U.S. first.
  • Rigel holds an exclusive worldwide license for the drug.
Image of a doctor showing a patient a chart representing HOOK stock.

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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.

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!

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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.


Article printed from InvestorPlace Media, https://investorplace.com/2022/12/rigel-pharmaceuticals-rigl-stock-soars-on-fda-approval-news/.

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