Australia's Argenica Therapeutics surges after drug gets FDA orphan status

Argenica Therapeutics

15/11/2023 03:03

** Shares of Argenica Therapeutics  AGN.AX  rise as much as
31.7% to A$0.520, highest since April 20
    ** Stock set for best day since Nov. 3, if gains hold
    ** Drug developer says the U.S. Food and Drug Administration
(FDA) granted Orphan Drug Designation (ODD) to its ARG-007 for
treatment of a type of brain damage
    ** FDA grants ODD to a drug or biological product to
prevent, diagnose or treat a rare disease or condition
    ** ODD provides potential seven years of market exclusivity
after approval and exemption from user fees, among others - co
    ** Nearly 828,800 shares change hands, compared with the
30-day average volume of 85,059 
    ** Stock up for a fifth straight session; down 12% YTD, as
of last close

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))