Aravive Shares Rise Premarket on FDA Fast-Track Designation for Batiraxcept

By Colin Kellaher

Shares of Aravive Inc. moved higher in premarket trading Tuesday after the clinical-stage oncology company said the U.S. Food and Drug Administration granted fast-track designation to its lead program, batiraxcept, in an aggressive form of kidney cancer.

The Houston company said the designation covers batiraxcept for treatment of patients with advanced or metastatic clear cell renal cell carcinoma who have progressed after one or two prior lines of immuno-oncology- and vascular endothelial growth factor tyrosine kinase inhibitor-based therapies.

The FDA's fast-track program is designed to facilitate the development and expedite the review of treatments for serious or potentially life-threatening illnesses with high unmet medical needs.

Aravive said the fast-track designation is based on data from a Phase 1b study showing that batiraxcept has the potential to increase the clinical activity of the cancer drug cabozantinib in the targeted patient group.

Aravive shares, which closed Monday at $1.42, were recently up 7% to $1.52 in premarket trading.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

November 29, 2022 07:49 ET (12:49 GMT)

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