Australia's Argenica Therapeutics jumps on FDA designation for neuroprotective drug

Argenica Therapeutics

25/03/2024 24:16

** Shares of Argenica Therapeutics  AGN.AX  rise as much as
19.3% to A$0.68 in their biggest intraday pct gain since Nov. 15
    ** Stock hits its highest level since March 5
    ** Clinical drug development firm says the U.S. Food and
Drug Administration (FDA) has granted Rare Pediatric Disease
Designation to its neuroprotective drug ARG-007, which is used
for the treatment of Hypoxic Ischaemic Encephalopathy (HIE) in
newborn term infants
    ** HIE is a condition where brain does not receive enough
oxygen or blood flow for a while. It may occur anytime prior to,
during and after delivery 
    ** Co says designation allows it to accelerate review for
subsequent marketing application or sell or transfer to a third
party
    ** More than 298,600 shares change hands, compared with the
30-day average volume of 98,854
    ** Stock had risen 11.8% this year, as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))