Published on 11 Oct 2021 on SmarterAnalyst via Yahoo Finance

ChemoCentryx Receives FDA Approval for TAVNEOS; Shares Skyrocket

Shares of biopharmaceutical company ChemoCentryx, Inc., (CCXI) jumped 96% on Friday to close at $38.41 after the company announced that its orally administered selective complement 5a receptor inhibitor, TAVNEOS, received Food and Drug Administration’s (FDA) approval.

TAVNEOS has been approved as an adjunctive treatment of adult patients with severe active anti-neutrophil cytoplasmic autoantibody-associated vasculitis and microscopic polyangiitis, which are the two main forms of ANCA vasculitis. Moreover, it is the first FDA approved orally-administered inhibitor of the complement C5a receptor.

The CEO of ChemoCentryx, Thomas J. Schall, said, “We look forward to making TAVNEOS available to clinicians and patients in the next few weeks. We thank the Agency for their collaboration and consideration and we are also immensely grateful to the pioneering scientists, clinicians and patients who believed in the promise of TAVNEOS and who have worked tirelessly to make it a reality, along with my dedicated and talented colleagues at ChemoCentryx.” (See ChemoCentryx stock chart on TipRanks)