Benzinga | Feb 25, 2021 11:11AM EST

Exelixis' Cabozantinib Gets Breakthrough Therapy Status In Differentiated Thyroid Cancer

* The FDA has granted Breakthrough Therapy Designation to Exelixis Inc's (NASDAQ: EXEL) CABOMETYX cabozantinib as a potential treatment for patients with differentiated thyroid cancer progressed following prior therapy and are radioactive iodine-refractory.

* The company plans to submit a supplemental marketing application for the indication this year.

* The planned interim analysis of the Phase 3 COSMIC-311 trial demonstrated a significant reduction in the risk of disease progression or death of 78% with cabozantinib versus placebo, thyroid cancer.

* Price Action: EXEL shares are down 1.85% at $22.24 on the last check Thursday.