Why Is Cancer Firm Apollomics Stock Trading Higher Today?
Portfolio Pulse from Vandana Singh
Apollomics Inc's partner in China, Avistone Biotechnology, received conditional approval from China's NMPA for vebreltinib to treat MET exon 14 skipping NSCLC. Apollomics is discussing an NDA with the FDA based on clinical trial data. NSCLC is a major cause of cancer deaths, with MET exon 14 mutations in 3-4% of cases. Apollomics holds rights outside China, Hong Kong, and Macau. APLM shares surged 44.8% to $1.26.
November 16, 2023 | 3:03 pm
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Apollomics Inc's stock price soared after its partner Avistone received conditional approval in China for vebreltinib, a treatment for NSCLC. The company is also in talks with the FDA for a New Drug Application in the U.S.
The conditional approval of vebreltinib in China is a significant milestone for Apollomics and its partner Avistone, indicating progress in the drug's development and potential market expansion. The positive reaction in stock price reflects investor optimism about the drug's commercial prospects and the ongoing discussions with the FDA, which could lead to further value creation if approval is granted in the U.S. market.
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IMPORTANCE 90
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