Wall Street’s stock market could see an unexpected boost after a company unveiled its new cancer drug, Rosehip.
The company, a specialty oil company in Utah, announced Friday that it will sell a drug for patients with advanced cancer called Rosehip that can help fight the growth of the disease.
The drug, called SARA-819, was developed by Pfizer Inc., and Pfizer’s chief executive, Michael Freilich, said Rosehip would be available by the end of the year.
The drug is part of a $1.5 billion drug development effort by Pfiser that aims to boost the effectiveness of existing treatments.
It was developed to treat an aggressive form of cancer called basal cell carcinoma (BCC).
The drug’s makers say it has a “substantially improved” safety profile, as compared with earlier versions.
Pfizer also says it has been approved by the Food and Drug Administration.
Rosehip’s chief clinical officer, Michael Pate, said he hopes to have the drug in the hands of patients within three months of its approval by the FDA.
He said he was optimistic about the prospect that patients would benefit from the drug.
The news comes as the world’s largest pharmaceutical company faces renewed pressure to come up with new treatments for patients affected by cancer.
The U.S. Drug Enforcement Administration has accused the company of illegally marketing the drug and said the company has failed to adequately demonstrate its safety.
Earlier this month, the company said it was selling its remaining stock.
Shares in Rosehip rose more than 12 percent to $11.77.
Pfizer shares fell 0.4 percent to nearly $70.47 in after-hours trading.