February 13, 2013 at 10:03 AM EST
Pharmacyclics, Johnson & Johnson Nab Breakthrough Designation for New Cancer Drug
Pharmacyclics (NASDAQ:PCYC) says its experimental drug for a pair of rare blood cancers received a new designation from US officials that potentially sets it up for a quick approval. The news sent Pharmacyclics shares higher Wednesday morning. Pharmacyclics and development partner Johnson & Johnson (NYSE:JNJ) won the classification “breakthrough therapy” by the Food and Drug Administration for the oral drug ibrutinib as a single treatment for two cancers. That means the FDA will accept early clinical evidence showing that the drug is a big improvement over existing treatments. Hopes for approval of the drug are already high. Shares of ...
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