Immix Biopharma gains on FDA's 'orphan drug' tag for blood cancer therapy

Immix Biopharma

23/08/2023 15:43

** Shares of cancer drug developer Immix Biopharma Inc
 IMMX.O  rise 6.9% to $1.92 
    ** Co says the U.S. Food and Drug Administration (FDA) has
granted Orphan Drug designation to its experimental cell therapy
to treat a type of blood cancer  
    ** The therapy, NXC-201, is being tested to treat multiple
myeloma, an incurable blood cancer of plasma cells that starts
in the bone marrow   
    ** NXC-201 belongs to a class called CAR-T, which involve
infusing into patients genetically engineered infection-fighting
cells from healthy donors
    ** 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
    ** Including session gains, stock down 15.5% YTD 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))