Shares of drug developer Checkpoint Therapeutics (CKPT.O) rise 8.9% to $4 in premarket trading
The U.S. FDA, on Friday, approved company’s drug for treatment of a type of cancer of the outer layer of the skin
The drug to be marketed under the brand name Unloxcyt is the company’s first drug that has received approval
Unloxcyt is part of a class of drugs, PD-L1 antibody, which works by binding to a protein called programmed death-ligand 1 that helps the body’s immune system in killing cancer cells
Company said it is “currently developing a commercial launch plan” for the drug
Up to last close, stock up 60.3% YTD

Checkpoint Therapeutics' shares rose 8.9% in premarket trading following FDA approval of its skin cancer drug, Unloxcyt. This marks the company's first approved drug, which is a PD-L1 antibody designed to enhance the immune system's ability to combat cancer. The company is developing a commercial launch plan for Unloxcyt, and the stock has increased 60.3% year-to-date.

BUZZ-Checkpoint Therapeutics rises after FDA approval of co's skin cancer drug