Stock Update (NASDAQ:EXEL): Exelixis, Inc. Provides Update on Genentech’s Pending New Drug Application for Cobimetinib
Exelixis, Inc. (NASDAQ:EXEL)’s partner Genentech, a member of the Roche Group, informedExelixis that, in order to accommodate its review of a supplemental data submission, theU.S. Food and Drug Administration (FDA) has extended the Prescription Drug User Fee Act (PDUFA) action date for its review of Genentech’s New Drug Application (NDA) for cobimetinib by the standard extension period of three months, from August 11, 2015 toNovember 11, 2015.
FDA extended its review after Genentech submitted, at FDA request, additional data from coBRIM, the phase 3 registrational trial of cobimetinib and vemurafenib in patients with BRAF V600 mutation-positive advanced melanoma.
Exelixis discovered cobimetinib, a selective inhibitor of MEK, internally and advanced the compound to investigational new drug (IND) status. In late 2006, Exelixis entered into a collaboration agreement with Genentech, under which Exelixis received initial upfront and milestone payments in connection with signing the agreement and submitting the IND. Exelixis was responsible for development of cobimetinib through the determination of the maximum tolerated dose in phase 1, at which point Genentech exercised its option to further develop the compound.
In November 2013, Exelixis exercised its option to co-promote cobimetinib, if approved, in the United States. Exelixis is entitled to an initial equal share of U.S. profits and losses, which will decrease as sales increase, and will share equally in the U.S. marketing and commercialization costs. Exelixis is eligible to receive royalties on any sales of the product outside the United States. (Original Source)
Shares of Exelixis closed yesterday at $3.76 . EXEL has a 1-year high of $4.55 and a 1-year low of $1.26. The stock’s 50-day moving average is $3.47 and its 200-day moving average is $2.67.
Exelixis Inc is a biotechnology company that develops small molecule therapies for the treatment of cancer.