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By Sam Boughedda
Investing.com — Shares of Gracell Biotechnologies Inc. (NASDAQ:) jumped 14% Friday after the corporate received the orphan drug designation for the corporate’s a number of myeloma CAR-T cell remedy.
Orphan drug designation provides incentives for drug makers to develop medication and biologics to deal with uncommon ailments and circumstances that have an effect on fewer than 200,000 folks within the U.S. A number of myeloma is a kind of blood most cancers.
Incentives can embrace as much as seven years of market exclusivity, tax credit for medical testing, and the discount or exemption from prescription drug person charges.
Gracell shares traded round $10.25 within the morning session. Throughout premarket buying and selling, they rose over 20%
The drug is at the moment being assessed in China in investigator-initiated trials. In the meantime, the tech switch to Lonza to ascertain manufacturing of it within the U.S. is continuous, with U.S. IND submitting focusing on the primary half of subsequent yr.
Dr. Martina Sersch, Chief Medical Officer of Gracell, stated “We’re very enthusiastic about being granted Orphan Drug Designation for the remedy of A number of Myeloma by the U.S. FDA, one other key milestone in advancing our program globally.”
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