** Shares of biotech firm Revolution Medicines RVMD.O rise 1.3% to $192.42 premarket

** European Medicines Agency says its human medicines panel has started a phased review of daraxonrasib, RVMD's experimental drug for metastatic pancreatic cancer

** A phased review allows the EU regulator to assess data in stages as they become available, potentially shortening the overall review time

** EMA says the decision was based on late-stage data comparing daraxonrasib with chemotherapy in patients whose pancreatic cancer had spread and worsened after prior treatment

** RVMD had earlier said daraxonrasib nearly doubled overall survival in a late-stage study, with median survival of 13.2 months versus 6.7 months for chemotherapy

** EMA says these patients have limited treatment options and life expectancy of about six months after their disease worsens on prior therapy

** As of last close, RVMD up 138.5% YTD