Benzinga | Jul 16, 2021 06:46AM EDT

Hutchmed's Stock Rises After EMA Validates Surufatinib Application For Neuroendocrine Tumors

* The European Medicines Agency (EMA) has validated and accepted Hutchmed (China) Limited's (NASDAQ:HCM) marketing application seeking approval for surufatinib for pancreatic and extra-pancreatic (non-pancreatic) neuroendocrine tumors (NETs).

* The EMA's validation confirms that the submission is sufficiently complete and ready to commence the formal review process.

* Recently, the FDA accepted the surufatinib application for the above indication.

* Surufatinib selectively inhibits the tyrosine kinase activity associated with vascular endothelial growth factor receptors and fibroblast growth factor receptor, inhibiting angiogenesis and colony-stimulating factor-1 receptor, which regulates tumor-associated macrophages promoting the body's immune response against tumor cells.

* Price Action: HCM shares are up 5.3% at $40.10 during the premarket session on the last check Friday.

* Related content: Benzinga's Full FDA Calendar.