Applied Therapeutics jumps on plans to submit marketing application for metabolic disorder drug
06/09/2023 15:09
** Applied Therapeutics' APLT.O shares rise 13.5% to $1.43
- set to snap four day losing streak if gains hold
** Co plans to submit a marketing application to U.S. Food
and Drug Administration (FDA) by Q4 for its experimental drug to
treat a rare metabolic disorder
** APLT is seeking regulatory approval for its drug,
Govorestat or AT-007, to treat Galactosemia, a metabolic disease
that prevents the body from processing or breaking down a type
of sugar called galactose
** The drug has received "orphan" drug status by the
European Medicines Agency (EMA) and the U.S. health regulator
** Orphan drug status is given to treatments meant for rare
conditions, and are protected through a series of government
incentives once on the market
** Up to last close, shares up 65.8% YTD
(Reporting by Christy Santhosh)
((Christy.Santhosh@thomsonreuters.com))