Lucentis Gets Priority Review

Genentech's ( DNA) experimental vision-loss drug Lucentis was granted an expedited review by the Food and Drug Administration.

The agency gives a medication priority review when it's believed to have the potential to be much better than existing therapies. In clinical trials of Lucentis, which is injected directly into the eyeball, patients with wet age-related macular degeneration saw their vision loss stop, and some even had an improvement.

Another trial found Lucentis to be more effective than Visudyne, a treatment from QLT ( QLTI) and Novartis ( NVS), using to a head-to-head comparison.

"The FDA's decision to grant priority review underscores the potential significant advancement of Lucentis in the treatment of wet AMD and puts us one step closer to making available a therapy that may change outcomes for people with this devastating disease," said Hal Barron, Genentech's chief medical officer.

AMD is a degenerative disease that causes central vision to get progressively worse. Macular degeneration is the most common cause of vision loss in people older than 55. Wet AMD accounts for about 10% of all cases and is marked by abnormal blood vessel growth beneath the center part of the retina.

More from Stocks

Starbucks Just Revealed Some of the Most Worrying Data in Its History

Starbucks Just Revealed Some of the Most Worrying Data in Its History

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High

Trump's Tariff Attack Hasn't Brought Pain to These Hot Stocks

Trump's Tariff Attack Hasn't Brought Pain to These Hot Stocks

Why GE's Stock Has Fallen 15% in the Last 30 Days

Why GE's Stock Has Fallen 15% in the Last 30 Days

Banks Prepare to Up Shareholder Payouts By $30 Billion

Banks Prepare to Up Shareholder Payouts By $30 Billion