Qualigen Therapeutics rises on U.S. FDA's 'orphan drug' tag for lead drug

Aixcrypto Holdings

10/01/2023 14:41

** Shares of biotech company Qualigen Therapeutics Inc
 QLGN.O  rise 14.2% to $1.50
    ** Co says U.S. FDA granted orphan drug designation (ODD)
for its lead drug candidate QN-302 in treating pancreatic cancer
    ** QLGN plans to submit drug's clinical trial application to
the health regulator in H1 of 2023 
    ** FDA's ODD is given to drugs that treat rare conditions
and are protected through a series of government incentives
after launch
    ** QLGN stock fell 88% in the past 12 months 
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))