Corcept Shares Jump 32 Percent on FDA Cancer Drug Approval
The FDA approved Corcept’s drug Lifyorli for ovarian cancer today. Shares rose 32 percent as trials showed the therapy extends median patient survival.
Shares of Corcept Therapeutics Incorporated surged more than 32% on Wednesday, reaching a two-month peak following a major regulatory milestone in the United States. The Food and Drug Administration (FDA) has granted approval for the company's lead drug candidate, relacorilant, marketed under the brand name Lifyorli.
The treatment is authorized for use in combination with the chemotherapy agent nab-paclitaxel for adults suffering from platinum-resistant epithelial ovarian cancer. This specific form of the disease is known for its aggressive nature, typically returning or progressing within six months of initial platinum-based chemotherapy.
