Concert Pharma rises as hairloss drug keeps breakthrough therapy tag

Hanall Biopharma

15/02/2023 13:35

** Shares of biopharma co Concert Pharmaceuticals  CNCE.O 
up 1.8% at $8.5 in premarket trade
    ** Shares rise after FDA maintains breakthrough therapy tag
for co's drug for alopecia, an autoimmune disorder that causes
hair loss  urn:newsml:reuters.com:*:nBw90M3Y8a
    ** CNCE's drug's designation was placed on review after
Olumiant, developed by Eli Lilly  LLY.N  and Incyte  INCY.O ,
was approved as the first treatment for alopecia last June
    ** CNCE's drug and Olumiant belong to a similar class of
drugs that inhibit Janus kinase enzymes
    ** CNCE submitted additional clinical data and justification
to the FDA to support the continued eligibility of its drug for
the designation
    ** Breakthrough therapy tag is meant to speed up development
and review of drugs to treat a serious condition or unmet
medical need
    ** CNCE rose 80% last year
 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((nandhini.srinivasan@thomsonreuters.com))