PRINCETON, N.J. (AFX) - Bristol-Myers Squibb Co. said Wednesday the U.S. Food and Drug Administration granted accelerated approval for the company's leukemia treatment Sprycel.
The drug is the first approved oral inhibitor for treating all phases of chronic myeloid leukemia for patients with resistance to prior therapies, the company said. The FDA also approved the drug for treatment in adults with another form of leukemia with resistance to prior therapies.
The drug works by inhibiting overproduction of leukemia cells in bone marrow. Bristol-Myers said it would be available on the market within days.
Shares of Bristol-Myers fell 4 cents to close at $25.25 on the New York Stock Exchange, but rebounded 25 cents to $25.50 in aftermarket activity.
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