Applied Therapeutics gains after FDA grants priority review for rare disease drug

Applied Therapeutics

28/02/2024 17:26

** Shares of drug developer Applied Therapeutics  APLT.O 
rise 33.42% to more than a two-year high of $7.45
    ** Co says the FDA has accepted and granted priority review
to its experimental drug to treat a rare metabolic disorder
    ** The drug govorestat is being developed to treat classic
galactosemia, a condition in which the body is unable to use the
simple sugar galactose
    ** FDA has set action date of Aug. 28
    ** The health regulator is also planning to hold an advisory
committee meeting to discuss the application
    ** FDA's priority review tag reduces a review timeline to
six months from the time of filing, compared to a standard
review timeline of 10 months
    ** Including sessions moves, stock has risen more than
7-fold in the last 12 months

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))