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Medivation's new prostate cancer drug approved for pharmaceutical sales by FDA
Sep 04, 2012 12:29 PM
A small California company may soon attract the attention of pharmaceutical sales recruiters after federal health officials approved its new prostate cancer drug for commercialization three months ahead of deadline.
According to San Francisco-based Medivation, the Food and Drug Administration has given the green light for the company to sell Xtandi, which is a new life-prolonging treatment for men with late-stage prostate cancer.
"The need for additional treatment options for advanced prostate cancer continues to be important," Dr. Richard Pazdur, the director of the agency’s cancer drug office, stated. "Xtandi is the latest treatment for this disease to demonstrate its ability to extend a patient’s life."
Xtandi is the first product to be approved for pharmaceutical sales for Medivation, and was developed in partnership with the Japan-based Astellas Pharma. It could prove to be a best-selling treatment for the company as it looks to compete with four other similar treatments on the market, including Zytiga from Johnson & Johnson and Sanofi's Jevtana.
The American Cancer Society reports that approximately 241,000 new cases of prostate cancer will be diagnosed in men this year.
News of the FDA approval sent shares of Medivation stock up nearly 8 percent in early trading.
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