Oasmia Pharmaceutical AB (OASM) got conditional approval for Paccal Vet from the U.S. Food and Drug Administration for the treatment of two canine cancers.
The FDA approved the drug for dogs with squamous cell skin cancer and mammary carcinomas, providing a treatment option for indications where there are currently no effective systematic treatment choices, the company said in a statement today.
Paccal Vet is one of two dog cancer drug candidates the company is developing under a license and distribution agreement with Abbott Laboratories. (ABT:US) Uppsala, Sweden-based Oasmia’s animal health program focuses on the two most common indications, mastocytoma and lymphoma, which make up about half of all cancers in dogs.
“Ever since we started this project 15 years ago, we have waited for the day when we could have a product on the market,” Oasmia Chief Executive Officer Julian Aleksov said in a text message. “There is a large and rapidly growing market for effective drugs that can treat cancer in dogs, and we believe Paccal Vet, being the first cytostatic drug specifically made for dogs, has a great potential to become the standard treatment.”
Shares in the Swedish drugmaker have advanced 25 percent this year, giving the company a market value of 2 billion kronor ($307 million).
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