Iovance Shares Shares Get After-Hours Boost From FDA Approval

By Mary de Wet

Iovance Biotherapeutics shares rose 15% in after-hours trade Friday after the company's biologics license application for lifileucel to treat advanced skin cancer was approved by the Food and Drug Administration.

The stock was at $8.67 after closing at $7.55 in regular trade. Shares are up 18% for the year.

"The FDA is not currently planning to hold an advisory committee meeting to discuss this application and, after a preliminary review, has not at this time identified any potential review issues," the San Carlos, Calif.-based company said.

Lifileucel is a tumor infiltrating lymphocyte therapy intended for patients with advanced melanoma who progressed on or after prior anti-PD-1/L1 therapy and targeted therapy, Iovance said.

There are no FDA-approved therapies to treat these patients, the company said.

With the biologics license application approved, Iovance can get a license to market lifileucel in the U.S.

Write to Mary de Wet at mary.dewet@dowjones.com

(END) Dow Jones Newswires

May 26, 2023 18:50 ET (22:50 GMT)

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