(Reuters) - Cancer drug maker Karyopharm Therapeutics Inc (KPTI.O) on Monday reported revenues of $12.8 million for its third quarter, driven by the commercial launch of its recently approved cancer drug, Xpovio, exceeding analyst expectations.
Karyopharm’s stock was up more than 11% in late-morning trading on Nasdaq.
The drug, which treats relapsed or refractory multiple myeloma, was approved by the U.S. Food and Drug Administration on July 3, with shipments launched soon after. Six analysts surveyed by Zacks expected $1.6 million in sales for its first quarter on the market.
“Despite the fact that there are so many great drugs in multiple myeloma, many patients will progress through all those drugs,” Michael Kauffman, chief executive officer of Karyopharm, said in a call with Reuters.
“There are 13,000 deaths in multiple myeloma each year, meaning there is a huge unmet need for patients to have another option.”
Xpovio was approved despite a majority of experts on an outside FDA panel voting against approving the drug on an accelerated timeline, citing concerns about the drug’s safety and efficacy.
Karyopharm is conducting additional studies of its core drug, Selinexor, which could win FDA approval for other indications next year.
One study, with results expected early next year, could win it approval to be administered in multiple myeloma patients at an early point in the treatment process, expanding the patient population it serves.
Another study, for which top-line data is expected in 2020, could expand use of Selinexor to solid tumor cancers.
Reporting by Carl O'Donnell; Editing by Dan Grebler