EXEL - Exelixis says phase 3 trial evaluating its kidney cancer combo treatment met main goal

• Exelixis ( NASDAQ: EXEL ) on Monday said its phase 3 trial evaluating its cabozantinib medicine in combination with two other cancer drugs for the treatment of kidney cancer met its main goal.
• The late-stage trial, called COSMIC-313, is investigating EXEL's cabozantinib in combination with Bristol-Myers Squibb's ( BMY ) nivolumab and ipilimumab vs. a combination of just nivolumab and ipilimumab, in patients with previously untreated advanced renal cell carcinoma.
• EXEL said the trial met the main goal, as the cabozantinib combination showed significant improvement in progression-free survival.
• Exelixis ( EXEL ) said it intends to discuss the results with the U.S. FDA to determine the next steps toward a potential regulatory submission for the cabozantinib combination.
• The late-stage trial will continue until the next analysis of the secondary goal of overall survival.
• Despite the news, EXEL stock had lost 3.5% to $21.24 in early trading.

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