Applied Molecular up on FDA's orphan drug tag for pouchitis treatment

Applied Molecular Transport.

10/11/2022 14:55

** Shares of drug developer Applied Molecular Transport Inc 
 AMTI.O  up 3.5% at $0.96
    ** Co says U.S. FDA has granted "orphan drug" designation
for its investigational lead drug, AMT-101, for pouchitis
    ** Pouchitis is a complication which causes inflammation of
the surgically created 'J-Pouch' during treatment of ulcerative
colitis, an inflammatory bowel disease
    ** Earlier in April, co said the drug showed positive
results in a mid-stage trial in patients with chronic pouchitis 
    ** If approved, drug will be the first to treat the
condition in the U.S.
    ** Orphan drug status is given by the FDA to drugs that
treat rare conditions and are protected through a series of
government incentives once on market
    ** Up to Wednesday's close, stock had fallen ~94% YTD 
 (Reporting by Sriparna Roy)
 ((Sriparna.roy@thomsonreuters.com))