Exelixis Inc said U.S. regulators have dropped an advisory panel discussion on the marketing application for its experimental drug to treat a rare form of thyroid cancer, sending its shares up 6 percent after market.
"It's a positive. That means the committee did not have a big issue or concern on this drug." Maxim Group analyst Echo He told Reuters.
The U.S. Food and Drug Administration has taken off a discussion on the drug from the agenda of an advisory panel meeting, scheduled on November 8-9, the biotechnology company said.
The review date for the drug, cabozantinib, designed to treat medullary thyroid cancer, however, remains on November 29.
Medullary thyroid cancer, which starts in cells that release a hormone called calcitonin, accounts for about 4 percent of thyroid cancers.
The FDA last month granted a priority review for the drug.
Shares of San Francisco-based Exelixis were up at $4.88 after the bell. They closed at $4.59 on the Nasdaq on Wednesday.
(Reporting by Shailesh Kuber & Prateek Kumar in Bangalore; Editing by Maju Samuel)