Puma Biotech rises on FDA's 'orphan drug' tag for lung cancer drug

Puma Biotechnology

21/09/2023 21:52

** Shares of cancer drug developer Puma Biotechnology
 PBYI.O  up 6.6% to $3.09 after the bell   
    ** Co says the U.S. Food and Drug Administration (FDA) has
granted "orphan drug" designation to its experimental drug for
the treatment of patients with small cell lung cancer (SCLC), a
rare fast-growing disease
    ** PBYI plans to begin a mid-stage study testing the drug
candidate, alisertib, in H2 2023
    ** Orphan drug status is given by the FDA to drugs that
treat rare conditions; they are protected by a series of
government incentives once in market
    ** Up to last close, stock down 31.4% YTD 

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