Shares of Exelixis, Inc. (NASDAQ:EXEL) ended Friday session in green amid volatile trading. The shares closed up +0.21 points or 1.57% at $13.55 with 8.48 million shares getting traded. Post opening the session at $13.30, the shares hit an intraday low of $13.10 and an intraday high of $13.66 and the price vacillated in this range throughout the day. The company has a market cap of $3.17 billion and the numbers of outstanding shares have been calculated to be 230.33 million shares.
Exelixis, Inc. (EXEL) on September 14, 2016 announced that the European Commission (EC) has approved CABOMETYX™ (cabozantinib) tablets for the treatment of advanced renal cell carcinoma (RCC) in adults following prior vascular endothelial growth factor (VEGF)-targeted therapy. CABOMETYX was granted accelerated assessment by the European Medicines Agency, and is the first therapy to demonstrate in a phase 3 trial for patients with advanced RCC, robust and clinically meaningful improvements in all three key efficacy parameters — overall survival (OS), progression-free survival (PFS) and objective response rate (ORR). This approval allows for the marketing of CABOMETYX in all 28 member states of the European Union, Norway and Iceland.
EC approval of CABOMETYX triggers a $60 million milestone payment to Exelixis under the licensing agreement with Ipsen for the commercialization and further development of CABOMETYX indications outside of the United States, Canada and Japan. The approval is based on the results of the large, randomized phase 3 METEOR trial.
“The marketing authorization of CABOMETYX by the European Commission to treat patients with advanced renal cell carcinoma reflects the strong efficacy results observed with cabozantinib in the phase 3 METEOR trial, and is an important milestone in our collaboration with Ipsen,” said Michael M. Morrissey, Ph.D., president and chief executive officer of Exelixis. “This marketing authorization helps address an unmet medical need in Europe by providing patients with a new therapy that slows disease progression and prolongs overall survival. We look forward to further examining the use of CABOMETYX in earlier lines of therapy and in other difficult-to-treat cancers.”
Shares of Medtronic PLC (NYSE:MDT) ended Friday session in green amid volatile trading. The shares closed up +0.35 points or 0.41% at $86.01. Post opening the session at $85.76, the shares hit an intraday low of $85.55 and an intraday high of $86.08 and the price vacillated in this range throughout the day. The company has a market cap of $118.86 billion and the numbers of outstanding shares have been calculated to be 1.38 billion shares.
Medtronic PLC (MDT) on September 15, 2016 announced the appointment of Mark Ploof as Senior Vice President, Global Operations and Business Services effective October 31, 2016. He will serve on the company`s Executive Committee and be responsible for leading Medtronic`s Global Operations, Information Technology, Facilities & Real Estate and Medtronic Business Services functions, which include the company`s ongoing Covidien acquisition integration efforts.
Ploof succeeds Gary Ellis who previously announced plans to retire from the company later this fiscal year after a 27-year Medtronic career. As part of a planned succession, Ellis will remain on the Medtronic Executive Committee and work with Ploof to ensure a smooth transition.
“Mark brings a diverse range of experiences to the Medtronic leadership team as well as a relentless focus on creating operational excellence, value creation and business growth,” said Omar Ishrak, Medtronic Chairman and CEO. “It is an exciting and transformational time for Medtronic, and I am confident in Mark`s ability to help us deliver against our strategic business priorities. From his broad knowledge of operations to his expertise in assessing and identifying opportunities to operate at scale and generate margin expansion, Mark`s vast experiences in a multitude of industries will bring fresh thinking and leadership to our organization.”