Allos Shares Rise on FDA Approval Request
Wed, 03/25/2009 - 10:46am
WESTMINSTER, Colo. (AP) — Biotechnology company Allos Therapeutics Inc. asked the Food and Drug Administration to approve its cancer drug candidate pralatrexate, sending shares higher in afternoon trading. The stock gained 52 cents, or 8 percent, to $7.02 in afternoon trading. Shares have traded between $3.82 and $10.19 over the last 52 weeks. The company asked the FDA to approve pralatrexate as a treatment for patients with relapsed or refractory peripheral T-cell lymphoma, or a group of blood cancers. The drug candidate had already been given special designations by the FDA, allowing for a faster review process and various financial incentives. There are currently no FDA approved treatments for peripheral T-Cell lymphoma. The company asked the FDA for a priority review, which would mean a review of no more than six months if granted. "We plan to work closely with the FDA to facilitate the completion of their review as expeditiously as possible," said President and Chief Executive Paul L. Berns, in a statement.