Exelixis Inc. (NASDAQ:EXEL) is one of the most undervalued quality stocks to buy according to hedge funds. On July 24, Exelixis announced that its partner Ipsen received approval from the European Commission/EC for CABOMETYX (cabozantinib) to treat adults with unresectable or metastatic, well-differentiated pancreatic/pNET and extra-pancreatic/epNET neuroendocrine tumors.
The approval applies to patients who have progressed after at least one prior systemic therapy, excluding somatostatin analogues. This decision allows for the marketing of CABOMETYX in all 27 member states of the European Union, as well as Norway, Liechtenstein, and Iceland. The approval follows a positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use in June this year.
A close-up of a medicine bottle, illustrating the efforts in providing adult solid tumor treatment options.
The EC’s approval is based on the results of the phase 3 CABINET pivotal trial. The trial evaluated CABOMETYX against a placebo in 2 groups of patients with previously treated neuroendocrine tumors: advanced pNET and advanced epNET. The trial demonstrated a statistically significant and clinically meaningful improvement in progression-free survival for patients treated with CABOMETYX.
Exelixis Inc. is an oncology company that discovers, develops, and commercializes new medicines for difficult-to-treat cancers in the US.
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This article is originally published at Insider Monkey.
