Cell Therapeutics Inc. (CTIC, $2.52, +$0.29, +13.00%) said its drug Opaxio has been granted orphan-drug designation by the U.S. Food and Drug Administration for the treatment of a malignant brain cancer.
Orphan-drug designation is granted by the FDA to novel drugs that seek to treat a rare disease or condition. The designation provides substantial potential benefits to the drug developer, including seven years of market exclusivity for the product upon regulatory approval, fee waivers and tax incentives.
2-year chart
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