Iovance rises as investors brush off regulatory delay for cancer drug

Iovance Biotherapeutics

15/09/2023 14:27

** Shares of Iovance Biotherapeutics  IOVA.O  up 19.5% to
$5.55 premarket
    ** Co says the U.S. FDA extended the decision date on its
skin cancer drug due to resource constraints and did not raise
any major issues with manufacturing or data 
    ** IOVA stock fell ~14% on Thursday after co canceled
appearances at a Jefferies conference, raising investor concerns
over the FDA flagging manufacturing issues related to the cancer
drug 
    ** Brokerage Baird says the delay, which comes amid
speculation, "is better than feared and bodes well for approval"
    ** FDA now expected to make its decision on the drug in
February next year instead of Nov. 25 this year 
    ** Co's drug Lifileucel is intended for patients with
advanced melanoma, a type of skin cancer 
    ** Shares down 27.3% YTD, set for their third straight year
of declines 

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))