Australia's Race Oncology rises on orphan drug status for leukemia product

Racura Oncology

11/06/2024 02:15

** Shares of Race Oncology  RAC.AX  rise as much as 6.2% to
A$1.895, their highest level since April 28, 2023
    ** Stock on track for a third consecutive session of gain
    ** Biopharmaceutical co says the U.S. Food and Drug
Administration (FDA) has awarded orphan drug designation to its
RC220 bisantrene drug product
    ** RC220 bisantrene drug product is being developed by co
for the treatment of acute myeloid leukemia
    ** Co says the designation offers commercial advantages
including U.S. tax credits and 7-year market exclusivity in the
United States, among others
    ** About 273,800 shares change hands, compared with the
30-day average trading volume of 152,646 shares
    ** Stock had more than doubled in value this year, as of
last close 

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))