Allena Pharma jumps on fast track designation for kidney disease drug

Allena Pharmaceuticals

03/11/2021 13:35

** Shares of biopharmaceutical firm  ALNA.O  up 27.4% to a
near two-month high at $1.08 - set for their highest single-day
gain since January this year
    ** Co announces that its orally administered,
urate-degrading enzyme, ALLN-346, has received Fast Track
designation from the U.S. Food and Drug Administration 
    ** ALLN-346 is in the Phase 2 development for treating
hyperuricemia (elevated uric acid level) in patients with
advanced chronic kidney disease
    ** Allena plans to report initial data from its study in
late 2021 or early 2022
    ** Up to Tuesday's close, stock traded 7.6% below its 50-day
moving average of 92 cents 
    ** Stock has lost ~33% YTD

 (Reporting by Shashank Nayar in Bengaluru)
 ((Shashank.Nayar@thomsonreuters.com; within U.S. +1 646 223
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