Australia's Chimeric Therapeutics surges on FDA's 'fast track' tag for neuroendocrine tumour drug

Chimeric Therapeutics

04/06/2025 02:14

** Shares of Chimeric Therapeutics CCU.AX rise 12.5% to A$0.005, hitting their highest level since May 29

** Stock eyes strongest trading session since May 15, if gains hold

** Biotech firm says U.S. Food and Drug Administration has granted "fast track" status to co's CDH17 drug for the treatment of gastroenteropancreatic neuroendocrine tumours

** FDA grants "fast track" designation to facilitate the development and expedite the review of drugs to treat serious conditions

** Chimeric says "fast track" status will allow co to benefit from more frequent meetings with the FDA for the drug's development plan and potential eligibility for accelerated approval, among others

** Stock down 32.5% YTD, including current session's moves

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com))