NEW YORK (TheStreet) -- Exelixis (EXEL) - Get Exelixis, Inc. Report shares are up by 2.84% to $5.80 in early afternoon trading on Thursday, after the company announced that it received its first regulatory approval for its advanced melanoma treatment, cobimetinib, in Switzerland.
The treatment is still under review by regulatory agencies in the U.S. and by the EU.
The approval marks the second time a treatment discovered by the company received regulatory approval.
"As the second approved product to have been discovered at Exelixis, cobimetinib represents a major achievement for our company and for all of the employees, past and present, who contributed to the program since its inception," company CEO Michael Morrissey, Ph.D said in a statement.
"Our agreement with Genentech and Roche enables Exelixis to participate meaningfully in the product's commercialization. This includes receiving royalties on ex-U.S. sales and sharing in the profits in the U.S., where our team is fully prepared to co-promote cobimetinib with Genentech pending regulatory approval," Morrissey added.
The drug has already received a 'breakthrough therapy' designation from the U.S. Food and Drug Administration, a designation which is expected to hasten the development and review of the drug.