ImmunityBio, Inc. (IBRX)

ImmunityBio's bladder cancer therapy wins FDA approval

The US Food and Drug Administration has approved ImmunityBio's (IBRX) bladder cancer therapy, a significant milestone for the company. ImmunityBio Executive Chairman Dr. Patrick Soon-Shiong, joins Market Domination alongside Yahoo Finance's health reporter Anjalee Khemlani to discuss the company's plans following this pivotal approval. Soon-Shiong says that Anktiva will be "the next generation of immuno-therapy." He claims the drug is the first of its kind to "generate complete remission that's completely durable" for 47 months and longer. Soon-Shiong believes the drug will serve as "a backbone" to "checkpoint inhibitors," a class of immunotherapy drugs. He envisions the drug's potential to target cancers regardless of their location within the body, describing it as "an opportunity to use this as a fundamental platform across all tumor types." Soon-Shiong says he, alongside other entities, collectively invested around $400 million in the company when the drug was first rejected. He further notes that additional investments totaling $100 million are forthcoming, stating, "the company is stable in terms of cash capabilities,"— hoping for a commercial launch of Anktiva in May. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Angel Smith