Bristol-Myers Squibb's Bladder Cancer Treatment Granted Breakthrough Therapy Designation

Bristol-Myers Squibb Co. said Monday that its bladder cancer treatment, Opdivo, was granted breakthrough therapy designation by the Food and Drug Administration. The designation allows for the expedited development and review of medicines which have shown early signals of potential clinical benefit in serious diseases. "Urothelial cancer is a common type of bladder cancer where patients experience high rates of recurrence and remains an area where new treatment approaches are needed, further underscoring the importance of this designation for Opdivo," said Jean Viallet, global clinical research lead at Bristol-Myers. The stock, which was still inactive in premarket trade, has gained 2.7% year to date, while the S&P 500 has slipped 0.3%.