Aravive rises on FDA's 'orphan drug' tag for pancreatic cancer drug

Aravive

01/03/2023 12:12

** Shares of drug developer Aravive Inc  ARAV.O  rise 5.24%
to $2.01 premarket
    ** Company said late on Tuesday its drug Batiraxcept, to
treat a type of pancreatic cancer, received "orphan drug" tag
from U.S. FDA
    ** Dose escalation portion, that determines the best dose of
a new drug, in ongoing early stage trial has been initiated,
with preliminary results expected in H2 2023
    ** The drug is being evaluated as first-line treatment in
combination with chemotherapy medications Gemcitabine and
Nab-paclitaxel in patients with locally advanced or metastatic
pancreatic adenocarcinoma
    ** Orphan drug status is given by the FDA to drugs that
treat rare conditions, and are protected through a series of
government incentives once in market
    ** Aravive stock lost ~40% last year

 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com))