Australia's Invex Therapeutics eyes best day on European 'orphan drug' status

Invex Therapeutics

23/06/2023 02:38

** Shares of Australia's Invex Therapeutics  IXC.AX  rise as
much as 42.9% to A$0.550, set to mark best day, if current gains
hold 
    ** Stock hits highest since Feb 3 
    ** The biopharma co says co has received orphan drug
designation (ODD) from the European Medicines Agency for
Exenatide in the treatment of moderate to severe Traumatic Brain
Injury  
    ** "Orphan drug" is a designation given to some
pharmaceutical and biological products that would not be
developed due to a relatively small patient population and
limited potential for profitability
    ** Securing a European ODD for Exenatide is an important
initial step in protecting the commercial opportunity in
moderate to severe TBI - Executive Director Thomas Duthy of
Invex
    ** Stock down 29.4% this year, as of last close

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))