Cyclerion jumps on FDA's 'orphan drug' tag for nervous system disease drug

Korsana Biosciences

27/03/2023 15:23

** Shares of drug developer Cyclerion Therapeutics  CYCN.O  jump 20.3% to 52
cents
    ** Co says the U.S. Food and Drug Administration (FDA) has granted orphan
drug designation to its experimental drug, zagociguat, to treat a range of
central nervous system diseases 
    ** The drug is being tested to treat a rare condition called Mitochondrial
encephalomyopathy, lactic acidosis and stroke-like episodes (MELAS)   
    ** MELAS affects many organ systems, particularly the brain, the central
nervous system and muscles  
    ** "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's moves, stock down ~57% in the past 12 months

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