Cabaletta Bio rises on FDA's 'orphan drug' tag for cell therapy

Cabaletta Bio

01/02/2024 22:16

** Shares of drug developer Cabaletta Bio  CABA.O  rise 2%
to $20.99 in extended trading
    ** Company says U.S. FDA has granted orphan drug tag to its
experimental cell therapy, CABA-201, for the treatment of
myositis
    ** 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
    ** Myositis is a group of diseases that causes a chronic
inflammation of muscles
    ** Stock more than doubled in 2023

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))