The Telix Pharmaceuticals Ltd (ASX: TLX) share price is storming higher this morning.
At the time of writing, the clinical-stage biopharmaceutical company’s shares are up 5% to $4.24.
Why is the Telix share price rising?
Investors have been buying Telix shares this morning following the release of an update on its prostate cancer imaging product, Illuccix.
According to the release, the Australian Therapeutic Goods Administration (TGA) has accepted the company’s submission for the registration of Illuccix and has now commenced the priority evaluation process.
Under the priority registration pathway, the TGA will evaluate Telix’s submission to register Illuccix on the Australian Register of Therapeutic Goods (ARTG) with a target timeframe of 150 working days and an indicative decision date of 12 November 2021.
This means that the company now has regulatory reviews for Illuccix in progress in 17 countries globally. This includes Canada, the European Union, and the United States.
Telix’s CEO, Dr. Christian Behrenbruch, said: “We are pleased that the TGA has accepted our submission for the registration of Illuccix and has now commenced the priority evaluation phase. This brings us significantly closer to our goal of providing widespread access to state-of-the-art prostate cancer imaging for Australian men living with prostate cancer.”
“Should we be successful in gaining TGA registration of Illuccix in Australia, we would also anticipate filing a New Medical Application with Medsafe in New Zealand under the abbreviated evaluation process for medicines approved by recognised overseas regulators. We are committed to providing access to Illuccix for all men living with prostate cancer, regardless of where they reside.”
There certainly is a need for this state-of-the-art technology. The release explains that prostate cancer was the most commonly diagnosed cancer in men in both Australia and New Zealand in 2020.
More than 85,000 Australian and New Zealand men were estimated to be living with prostate cancer last year.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
Motley Fool contributor James Mickleboro owns shares of TELIXPHARM DEF SET. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
- Incitec Pivot (ASX:IPL) share price sinks 5% on half year update – May 17, 2021 10:08am
- Aristocrat Leisure (ASX:ALL) share price jumps 9% on profit update – May 17, 2021 10:03am
- These are the 10 most shorted shares on the ASX – May 17, 2021 9:30am