** Shares of California-based drug developer Ideaya BiosciencesIDYA.O down 4.5% at $16.28
** IDYA receives breakthrough therapy designation for company's experimental drug, darovasertib, to treat a type of eye cancer called neoadjuvant uveal melanoma, before surgery
** Brokerage Leerink Partners says the majority of the neoadjuvant opportunity lies in the ~80% of patients scheduled for radiotherapy (both plaque and beam), which does not appear to be included in this designation
** "The drug will likely need to show an improvement over placebo in time" - Leerink Partners
** IDYA says the drug is currently being tested in a mid-stage trial and co plans to begin a late-stage study in H1 2025
** Neoadjuvant Uveal Melanoma affects 12,000 patients annually and is a high unmet medical need with no FDA-approved systemic therapies - IDYA
** Stock had fallen 35.8% YTD
(Reporting by Siddhi Mahatole)
((siddhi.mahatole@thomsonreuters.com))
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