Onyx Pharmaceuticals Pops 12% on FDA Approval

Shares of Onyx Pharmaceuticals

were seeing increased strength during Friday's trading session after the FDA approved its Kyprolis inhibitor. U.S. Food and Drug Administration granted accelerated approval of Kyprolis™ for Injection, a proteasome inhibitor, indicated for the treatment of patients with multiple myeloma who have received at least two prior therapies, including bortezomib and an immunomodulatory agent, and have demonstrated disease progression on or within 60 days of completion of the last therapy. The indication for Kyprolis is based on response rate. Currently, no data are available for Kyprolis that demonstrate an improvement in progression-free survival or overall survival. "Today's approval is a significant milestone for Onyx and, most importantly, for patients with advanced myeloma who have few treatment options available to them," said N. Anthony Coles, M.D., President and Chief Executive Officer of Onyx Pharmaceuticals. Friday, shares of Onyx Pharmaceuticals were trading up over 12 percent, at about $76.90 per share.