FDA approves Exelixis’ cabozantinib for thyroid cancer

WASHINGTON (Reuters) – The U.S. Food and Drug Administration on Thursday approved Exelixis Inc’s cabozantinib as a treatment for medullary thyroid cancer that has spread to other parts of the body. Cabozantinib, the company’s lead product candidate, is an oral drug designed to limit blood supply to tumors as well as block two segments of a pathway used by cancer cells to grow and spread. The FDA announcement came shortly after the close of stock market trading in New York, where Exelixis shares eased slightly on the day at $5.24 per share. …