In the following video Fool contributor Maxx Chatsko updates investors on yet another treatment set to enter the quickly growing prostate cancer market. The Food and Drug Administration recently approved Xofigo, an advanced prostate cancer drug, from Bayer -- months before its PDUFA review -- for patients with castration-resistant prostate cancer who have symptomatic bone metastases and no known visceral metastatic disease.

This is amazing news for patients and yields more specific treatment for those affected by prostate cancer. It could go a long way in helping the approximately 240,000 new cases of prostate cancer that are diagnosed each year. The approval also shakes up the cancer drug market quite a bit. This is horrible news for ailing Provenge from Dendreon (NASDAQ:DNDN), but also poses significant competition to Zytiga from Johnson & Johnson (NYSE:JNJ) and Xtandi by Medivation (NASDAQ:MDVN)

Fool contributor Maxx Chatsko has no position in any stocks mentioned. Check out his personal portfolio, his CAPS page, or follow him on Twitter @BlacknGoldFool to keep up with his writing on energy, bioprocessing, and emerging technologies.

The Motley Fool recommends Exelixis and Johnson & Johnson. The Motley Fool owns shares of Dendreon, Exelixis, and Johnson & Johnson. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.