Geron Stock Soars on FDA Approval of Drug for Patients With Rare Blood Cancers [Video]

Geron (GERN) shares skyrocketed over 19% in intraday trading Friday after the Food and Drug Administration (FDA) approved the biopharma company’s drug Rytelo for those with rare blood cancers.

Geron’s Rytelo is for adults who suffer from low- to intermediate-1 risk myelodysplastic syndromes (MDS) and need to receive transfusions of four or more red blood cell units over eight weeks.

Geron CEO John Scarlett said that those taking Rytelo potentially could go for more than 24 weeks without transfusions and symptomatic anemia. 

Rami Komrokji, who was an investigator in the injectable drug’s Phase 3 trial, said that for patients with lower-risk MDS and anemia who need blood transfusions, there are few options available. He noted that the addition of Rytelo could be “potentially practice-changing for us.”

Rytelo is expected to compete with Bristol Myers Squibb’s (BMY) Reblozyl, which the FDA approved last summer.

Geron said it plans “to ensure broad access” to Rytelo …