Puma Biotechnology Inc. jumped as much as 11.5% in late trading Monday after the company announced that the Food and Drug Administration had approved a breast-cancer treatment for medical use. The medicine, which will be marketed as Nerlynx and is expected to hit the market in September, is used after traditional treatment to avoid recurrence of HER2 breast cancer. Puma said up to one in four patients experience recurrence after treatment, but studies of its drug showed a 34% reduction in recurrence. “HER2-positive breast cancers are aggressive tumors and can spread to other parts of the body, making adjuvant therapy an important part of the treatment plan,” Richard Pazdur, director of the FDA Oncology Center of Excellence, said in the FDA’s announcement. “Now, these patients have an option after initial treatment that may help keep the cancer from coming back.” Puma shares moved as high as $96 in late trading after closing at $86.10, though prices settled at closer to $92 later in the after-hours session. The stock enjoyed a larger surge after an FDA panel recommended its approval in May, and has gained more than 117% in the past three months, as the S&P 500 index has gained less than 5%.
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