Shares in biopharmaceutical company Precigen surged 58.92% after the US Food and Drug Administration gave its approval to Papzimeos, a treatment for recurrent respiratory papillomatosis (RRP), a rare disease caused by human papillomavirus (HPV) infection.
RRP can lead to severe symptoms such as voice disturbance and airway compromise, with no current cure. The condition affects about 27,000 adult patients in the US and can be fatal if left untreated.
The FDA’s approval marks a historic milestone for RRP treatment, providing a new hope for patients who have relied on repeated surgeries to manage the disease. Precigen estimates that Papzimeos has shown promising results, with 51% of patients requiring no surgeries within 12 months after treatment.
Precigen’s stock price jumped following the announcement, and J.P.Morgan upgraded the company to Neutral from Underweight, citing improved financials and revenue potential. The estimate suggests peak sales for Papzimeos in the US could reach $250 million.
Source: https://www.tipranks.com/news/precigen-stock-pgen-roars-over-60-higher-on-fda-green-light-for-papzimeos-therapy