Exelixis Shares Move 12% On Phase 3 Data

Shares of Exelixis EXEL are rallying after the company announced positive phase 3 data for coBRIM.

The study met its endpoint of improving progression free survival of BRAF. CEO Michael Morrissey commented, “Despite recent therapeutic innovations, BRAFV600 mutation-positive advanced melanoma can be difficult to treat due to the emergence of resistance.”

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Exelixis is partnered with Genentech, a member of the Roche Group, which is expected to submit this data to globally to health authorities. If approved, Genentech will help commercialize the therapy.

Shares of Exelixis were last trading 12.2 percent higher at $3.73.