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Progenics Pharmaceuticals’ Stock Gets an 8% Boost After FDA Approval

Progenics Pharmaceuticals receives FDA approval

Progenics Pharmaceuticals receives FDA approval for the first drug to treat rare and extremely life-threatening cancers in patients 12 and older. This approval has boosted the company’s stock exponentially on today’s market.

Progenics Pharmaceuticals Receives FDA Approval: AZEDRA

Via a press release on GlobeNewswire, Progenics Pharmaceuticals announced that the US Food and Drug Administration (FDA) has approved the application for AZEDRA.

AZEDRA is an injection that is administered intravenously and is a radiotherapeutic drug indicated to treat adult patients 12 years and older. These patients would have to have an iobenguane scan positive, unresectable, locally advanced or metastatic pheochromocytoma or paraganglioma.

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AZEDRA is the first and only approved therapy for this condition. With any medication, AZEDRA can cause patients serious side infections including bone marrow problems, a risk of radiation exposure, elevated blood pressure, thyroid complications, respiratory problems, kidney problems, and fertility problems.

CEO of Progenics, Mark Baker, commented on the drug in the press release and said:

“As the first FDA approved therapy for unresectable, locally advanced or metastatic pheochromocytoma or paraganglioma who require systemic anticancer therapy, AZEDRA provides a new treatment option for physicians and their patients. AZEDRA has been shown to decrease the need for blood pressure medication and reduce tumor size in some patients. We are extremely grateful to the patients, their families and the investigators who participated in AZEDRA’s clinical development program. We also thank those who have contributed to the development of AZEDRA over many years.”

Pheochromocytoma and paraganglioma are neuroendocrine cancers that come from the cells in and around the adrenal glands. These tumors secrete high levels of hormones that can lead to life-threatening high blood pressure, heart failure, and stroke.

Progenics Pharmaceuticals Stock Movement (NASDAQ:PGNX)

According to Yahoo Finance, PGNX closed the market yesterday at $7.45 a share and opened at $8.31 a share. Progenics Pharmaceuticals’ stock is currently still trading at $8.31 a share, up $0.65 (+8.49%).

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