Tuesday, February 1, 2011

Onyx Pharmaceuticals' (Nasdaq:ONXX) Carfilzomib Fast-Tracked by FDA

The U.S. Food and Drug Administration (FDA) granted Onyx Pharmaceuticals' (Nasdaq:ONXX) Carfilzomib fast-track designation

Carfilzomib is the multiple-myeloma drug of Onyx Pharmaceuticals.

What this means is the review process will accelerate, and Onyx will be allowed to to submit its carfilzomib application on a rolling basis. With the fast-track, the company believes they could end the process by the middle of 2011. They already have the process in motion.

Onyx closed Monday at $35.28, gaining $0.78, or 2.25 percent.

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