Shares of the small-cap cancer company Verastem (NASDAQ: VSTM) are up by a healthy 26% as of 3:22 p.m. EDT Monday afternoon. The biotech's shares are perking up today in response to the decision by the Food and Drug Administration (FDA) to grant the coveted Breakthrough Therapy Designation (BTD) for the company's experimental cancer-combo therapy.
The therapy consists of the RAF/MEK inhibitor VS-6766 and the FAK inhibitor defactinib. The FDA granted the drug BTD as a potential treatment for patients with recurrent low-grade serous ovarian cancer, regardless of KRAS status after one or more prior lines of therapy, including platinum-based chemotherapy. (Mutations of the KRAS gene are linked to cancer.)
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For further details see:
Why Verastem Stock Is Crushing It Today