Shares of Checkpoint Therapeutics (NASDAQ:CKPT) jumped 8.9% to $4 in premarket trading today following the U.S. Food and Drug Administration's (FDA) approval of its new skin cancer treatment.
The approval, granted on Friday, marks a significant milestone for the company, making Unloxcyt its first approved drug.
Unloxcyt, a PD-L1 antibody, works by targeting the programmed death-ligand 1 protein, thereby boosting the body's immune system to fight cancer cells.
This class of drugs has shown promise in treating various cancers.
The company announced that it is currently developing a commercial launch plan for Unloxcyt.
Meanwhile, this approval has further fueled the company's strong year-to-date performance, with the stock already up 60.3% prior to this announcement.