The treatments could cost $100,000 or more, putting it into a growing class of new drugs with controversial, sky-high price tags. The testing is expected to conclude next year and sales could begin in 2017, assuming the Food and Drug Administration gives its approval. It involves attaching an antibody to a T-cell that enables it to recognize and attack cancer cells. Kite’s promising treatment for non-Hodgkin’s lymphoma is called KTE-C19, which is in a clinical trial. of Seattle and Swiss pharmaceutical giant Novartis, which are pursuing immunotherapy treatments for non-Hodgkin’s lymphoma and other diseases. Kite also will have to fend off competition from Juno Therapeutics Inc. Still, Kite faces regulatory challenges as some patients have experienced significant side effects. The shares closed Friday at $65.07, giving Kite a market capitalization of nearly $3 billion. (The stock has since declined.)Įven without a single approved drug, Kite shares have soared 283% from last year’s initial public stock offering of $17. a local clinical stage immunotherapy company owned by Los Angeles billionaire Patrick Soon Shiong - jumped 37% in its first day of trading, even though it is far from commercialization. They have the potential for creating another Amgen, with thousands of high-paying jobs.”Ĭompanies pursuing approval of the new cancer treatment have been hot commodities on Wall Street. “The success of a company like Kite would have a significant effect on the ecosystem. County biotech cluster,” said Ahmed Enany, CEO of the Southern California Biomedical Council, an industry trade group. The company’s success would help raise the profile of the Los Angeles County biotech community, which has several standout firms but has lagged behind the San Francisco Bay Area and San Diego.
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