Clinuvel Pharmaceuticals Ltd (ASX: CUV) shares are starting the week positively.
At the time of writing, the ASX 300 stock is trading 1% higher to $9.13.
What’s going on with this ASX 300 stock?
The catalyst for the move higher today appears to be a regulatory update from the United States relating to its lead product, SCENESSE.
According to the release, the U.S. Food and Drug Administration (FDA) has removed a postmarketing requirement for a cardiac safety study, known as a QT study.
This requirement had originally been put in place when SCENESSE received approval in 2019.
The removal of this requirement follows a review of long-term safety data submitted by Clinuvel.
Management noted that the FDA determined the QT study was no longer necessary, as it would not provide additional useful safety information.
This decision reflects the regulator’s confidence in the safety profile of SCENESSE, which has now been supported by both clinical and real-world data over several years.
Importance of SCENESSE
SCENESSE is Clinuvel’s lead therapy and is approved in the United States for the treatment of adult patients with erythropoietic protoporphyria (EPP), which is a rare metabolic disorder.
It remains the only treatment for EPP approved by major global regulatory agencies, with more than 20,000 doses administered worldwide.
Given its importance to the ASX 300 stock, any regulatory update relating to SCENESSE is likely to be closely watched by the market.
Ongoing engagement with the FDA
Clinuvel also highlighted that it has maintained regular engagement with the US FDA since receiving approval for SCENESSE.
This has included ongoing safety reporting and data submissions, which appear to have supported the regulator’s decision to relax its requirements.
Clinuvel’s chief scientific officer, Dr Dennis Wright, appeared to be pleased with the news. He commented:
There is an active engagement between the FDA and marketing authorization holders for the life span of a product where patient safety is paramount. Having reliably reported data on SCENESSE since 2019, we are now seeing the agency relax its approach to postmarketing demands, reflecting the safety profile we see in the clinic.
Despite today’s move, Clinuvel’s shares are now down 16% over the past 12 months.
The post Guess which ASX 300 stock was given a big boost from the US FDA appeared first on The Motley Fool Australia.
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