Corcept shares rise 32 percent on FDA drug approval
Corcept shares rose 32 percent Wednesday after the FDA approved its ovarian cancer drug Lifyorli. The therapy extended median survival to 16 months in trials.
Shares of Corcept Therapeutics Incorporated surged more than 32% on Wednesday, reaching a near two-month high. The rally followed an announcement that the United States Food and Drug Administration (FDA) has approved the company's lead drug for treating an aggressive form of ovarian cancer that has become resistant to standard therapies.
The FDA granted approval for relacorilant, which will be marketed under the brand name Lifyorli, to be used in combination with the chemotherapy drug nab-paclitaxel. This treatment is specifically indicated for adult patients with platinum-resistant epithelial ovarian cancer, a condition where the disease returns or progresses within approximately six months of receiving platinum-based chemotherapy.
