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SpringWorks Therapeutics (NASDAQ:SWTX) reportedly plans to charge around $29,000 per month for its newly approved drug Ogsiveo for the treatment of desmoid tumors.
The price tag is higher than some analysts expected, with Cown estimating the cost at around $20,600 per month and HC Wainwright at approximately $18,000. The company estimates that roughly 6,000 people have the condition in the US, with another 20,000 currently not seeking treatment, according to Reuters.
Late Monday, SpringWorks announced that it had received FDA approval for the product, which has received breakthrough therapy, fast track and orphan drug designations from the agency.
SpringWorks stock rallied Tuesday on the news, with shares up around 20% Tuesday afternoon.
Reuters also reported that the company intends to file for FDA approval of its drug mirdametinib during the first half of 2024.
SpringWorks has been developing mirdamentib for the treatment of the rare genetic tumor disorder NF1-PN, according to its website.