Seattle Genetics blood cancer drug Adcetris, whose sales analysts say could reach $320 million, was recommended for approval Thursday by the Food and Drug Administration, the Associated Press reported.
Adcetris treats patients with Hodgkin's disease and systemic anaplastic large cell lymphoma who are not responding to conventional treatments such as chemotherapy or stem cell transplants, or whose cancer has returned after treatment.
The FDA recommended fast-track approval for Adcetris, since the cancers it treats have few other options. Seattle Genetics will not have to do as much testing in order to get the drug on the market, but the panel expressed doubt that its current late-stage study of the drug would be sufficient, due to its narrow scope, reported Reuters.
The AP reported analysts expect the drug to be approved by August, but that the Bothell, Wash.-based company may have to order another study to prove its effectiveness.
In premarket trading Friday, shares of Seattle Genetics stock fell 5.7 percent to $19.17, amid concerns from investors about the additional testing the company will have to order.
