Bayer AG's (BAYRY, BAYN.XE) new-drug application for its oncology compound, Radium Ra 223 Dichloride, was granted priority review by the U.S. Food and Drug Administration.
The compound is under review for the treatment of castration-resistant prostate cancer in patients with bone metastases.
The FDA grants priority review to medicines that provide a treatment where little or no adequate therapy exists and aims to complete its review within six months of the 60-day filing receipt rather than the standard 12-month review.
"Receiving this designation marks another positive milestone for radium-223 and underscores Bayer's ongoing commitment in oncology," said Pamela A. Cyrus, vice president and head of U.S. medical affairs for Bayer Healthcare Pharmaceuticals.
American depository shares were recently up 0.51% at $95.64. The stock has climbed 31% over the past year.
Write to Melodie Warner at melodie.warner@dowjones.com
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