ChemoCentryx, Inc. (NASDAQ: CCXI) is engaged as a biopharmaceutical company, which is focused on the research and development of new treatments for inflammation and autoimmune diseases and cancer. The company develops its treatments to target the chemokine and chemoattractant systems.
Shares of the biopharma company are soaring 69% through early trading on Friday, October 8, 2021. Over the past three months, ChemoCentryx has seen average daily volume of 1.85 million shares. However, volume of 58.02 million shares or dollar volume of $1.88 billion, has already exchanged hands through early trading Friday.
ChemoCentryx’s shares are surging after the company announced that its treatment, TAVNEOS, has received approval from the U.S. Food and Drug Administration (FDA). TAVNEOS is an orally-administered selective complement 5a receptor inhibitor, which seeks to treat adult patients suffering from ANCA-associated vasculitis. TAVNEOS now is the first FDA approved oral inhibitor of the complement C5a receptor.
ANCA-associated vasculitis is a systemic autoimmune disease that involves an over-activation of the complement system leading to neutrophils. This can cause inflammation and destroy small blood vessels, which can cause fatal organ failure.
“Today is a momentous day in the history of ChemoCentryx; the culmination of decades of effort aimed at offering new hope to patients with this and other debilitating and deadly diseases,” said Thomas J. Schall, Ph.D., President and Chief Executive Officer of ChemoCentryx. “We look forward to making TAVNEOS available to clinicians and patients in the next few weeks. We thank the Agency for their collaboration and consideration and we are also immensely grateful to the pioneering scientists, clinicians and patients who believed in the promise of TAVNEOS and who have worked tirelessly to make it a reality, along with my dedicated and talented colleagues at ChemoCentryx.”
Disclosure: Neither Spotlight Growth nor its officers have any position or relationship with any companies mentioned in this article. No payment was made to create this article. This article should not be taken as a solicitation or recommendation to buy or sell any securities. Please conduct your own research and consult your financial advisor to determine your risk tolerance and investment path. We are not licensed brokers or investment advisors.
