>>NEW YORK, Jan 7 (Reuters) - Biotechnology company American Pharmaceutical Partners Inc. (APPX.O: Quote, Profile, Research) said on Friday U.S. regulators approved its breast cancer drug Abraxane.
Abraxane contains the cancer drug paclitaxel but delivers it in a naturally occurring protein that allows the body to safely absorb higher doses.
The Food and Drug Administration approved the injectable drug to treat breast cancer that has spread after the failure of combination chemotherapy or following a relapse within six months of chemotherapy.
American Pharmaceutical Partners developed the drug with privately held American BioScience Inc.
In a clinical trial, Abraxane demonstrated a superior response rate compared with Taxol, Bristol-Myers Squibb Co's (BMY.N: Quote, Profile, Research) commonly used cancer drug with the same active ingredient as Abraxane.
Abraxane enables the administration of 50 percent more chemotherapy because it consists of albumin-bound paclitaxel with no toxic solvents, American Pharmaceutical said.
"For the first time we are able to offer patients the full therapeutic benefits of paclitaxel," William Gradishar, a principal investigator of the clinical trial, said. "This makes Abraxane a significant advance in the way we treat breast cancer."
American Pharmaceutical shares rose 14 percent to $38.71 on Nasdaq as investors bet on an approval coming after the close of trading.<<
