The ChemoCentryx (NASDAQ: CCXI) stock price soared today, recording premarket gains of nearly 80% as their new autoimmune drug gained FDA approval.
Following today’s announcement, CCXI stock has rallied almost 80% since news reached investors. Off the back of the FDA approval – TAVNEOS (avacopan) – is expected to reach clinicians and patients within the next few weeks.
Avacopan is prescribed for the treatment of antineutrohpil cytoplasmic antibody (ANCA)-associated vasculitides (AAV) – conditions known for the destruction and inflammation of small blood vessels, leading to damage in different organs.
The drug works by inhibiting the C5a receptor protein which is normally responsible for various inflammatory diseases. Thomas J Schall, President and CEO of ChemoCentryx expressed his gratitude regarding the approval:
“We look forward to making TAVNEOS available to clinicians and patients in the next few weeks. We thank the Agency for their collaboration and consideration and we are also immensely grateful to the pioneering scientists, clinicians and patients who believed in the promise of TAVNEOS and who have worked tirelessly to make it a reality, along with my dedicated and talented colleagues at ChemoCentryx.”
Joyce Kullman, Executive Director of the Vasculitis Foundation is equally pleased about the prospect of the life-enhancing therapy: “There is a significant unmet need in the treatment of ANCA-associated vasculitis, with current therapies often leading to serious, even fatal, side effects and a diminished quality of life. We believe new therapies like TAVNEOS may offer a brighter future for these patients.”
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