Genentech announced on Friday that the FDA has granted accelerated approval for Avastin, a VEGF inhibitor that has been previously discussed here, for treatment of metastatic HER2-negative breast cancer. The approval is based on a phase III study done by Genentech which showed a 52% reduction in death or disease progression compared to the current medical treatment for advanced breast cancer. Two more phase III trials are expected to have results in late 2008 and if successful the FDA should grant full approval.

Genentech is considered to be one of the first biotechnology companies. In 1977, the company produced the first human protein, somatostatin, in Escherichia Coli bacteria. Since then they have become a powerhouse in the biotechnology field with a market cap of 82.33 Billion and yearly revenue of 11.72 Billion. I am not surprised that Avastin, the first anti-angiogenesis therapy approved by the FDA, is continuing to have success. I also would not be surprised to hear Genentech announce a second therapeutic antibody targeting PGC-1alpha (peroxisome-proliferator-activated receptor-gamma coactivator-1alpha), a cofactor that activates a secondary angiogenesis pathway.

Update: As of 11:38Am Genentech’s stock is up over 8%.