Tuesday, April 12, 2011

Novartis AG (NVS) Wins Panel's Backing

A U.S. panel unanimously backed the use of Novartis AG's (NYSE:NVS) Afinitor to treat patients with a rare type of pancreatic tumor.

The panel said Afinitor works sufficiently to outweigh potential risks, outside advisers to the FDA said in a 10-0 vote.

“I’m moved by the argument that there is really nothing else out there in this disease, but I’m also cautious because I do know that the tempo of this disease is extremely variable,” panelist Peter Choyke, chief of the National Cancer Institute’s molecular imaging program in Bethesda, Maryland, said.

Novartis won FDA approval for Afinitor in 2009 to treat patients with advanced kidney cancer who didn't respond to other treatments.

Novartis was trading at $55.32, up $0.13, or 0.24 percent, as of 2:26 PM EDT.

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