Gracell Biotech jumps as cancer product receives FDA's orphan drug tag

Gracell Biotechnologies

19/11/2021 12:29

** U.S.-listed shares of China-based biopharma co  GRCL.O 
up ~20% at $10.80 premarket
    ** U.S. FDA grants Orphan Drug designation to co's lead
product candidate, GC012F, for treating multiple myeloma, a type
of cancer that forms in plasma cells  urn:newsml:reuters.com:*:nPn29WPTfa
    ** The designation is given to a drug or biological product
to prevent, diagnose or treat a rare disease or condition 
    ** GC012F is a CAR-T cell therapy, a treatment in which a
type of immune system cell of the patient is changed in the
laboratory so they attack cancer cells
    ** GC012F is currently being evaluated in an early-stage
trial across multiple centers in China
    ** Up to Thursday's close, stock had fallen 64.17% since its
Jan. 8 debut 

 (Reporting by Oishee Majumdar in Bengaluru)
 ((oishee.majumdar@thomsonreuters.com;))