Aravive rises as FDA grants fast-track tag for kidney cancer drug

Aravive

29/11/2022 14:27

** Shares of drug developer Aravive Inc  ARAV.O  rise ~12%
to $1.6 premarket 
    ** Co says the U.S. FDA has granted fast-track designation 
for its experimental drug, batiraxcept, for treatment of
patients with advanced or metastatic clear cell renal cell
carcinoma, a type of kidney cancer 
    ** A fast-track designation facilitates development and
expedites review of therapies with potential to treat a serious
condition where there is an unmet medical need
    ** Aravive says drug has the potential to increase the
clinical activity of cabozantinib, a drug used for the treatment
of different types of cancer like advanced renal cell carcinoma
    ** Co adds that the combination of batiraxcept and
cabozantinib may exhibit its greatest impact in those patients
who have failed prior VEGF-TKI therapies
    ** VEGF-TKI or vascular endothelial growth factor tyrosine
kinase inhibitors have been the foundation of treatment for
patients with advanced renal cell carcinoma
    ** Up to Monday's close, Aravive stock down ~35% YTD
 (Reporting by Sriparna Roy)
 ((Sriparna.roy@thomsonreuters.com))