Why Are Apellis Pharmaceuticals Shares Trading Higher Today?

The FDA approved Apellis Pharmaceuticals Inc's APLS Syfovre (pegcetacoplan injection) for geographic atrophy (GA) secondary to age-related macular degeneration (AMD).
Syfovre is the first and only FDA-approved treatment for GA.
The approval of SYFOVRE is based on positive results from the Phase 3 OAKS and DERBY studies at 24 months across a broad and representative population of patients.
Related: Apellis's Pegcetacoplan Shows Increased Effects In Geographic Atrophy At Two Years.
Syfovre is approved for GA patients with or without subfoveal involvement and provides dosing flexibility for patients and physicians with a dosing regimen of every 25 to 60 days.
In the OAKS and DERBY studies, SYFOVRE reduced the rate of GA lesion growth compared to sham and demonstrated increasing treatment effects over time, with the greatest benefit (up to 36% reduction in lesion growth with monthly treatment in DERBY) occurring between months 18-24.
Syfovre is expected to be available by the beginning of March. A European marketing application for Syfovre is under review, with a decision expected in early 2024.
Price Action: APLS shares are up 11.70% at $62 on the last check Tuesday.