IQ-AI Shares Jump After FDA Grants Orphan Drug Status to Brain Cancer Treatment
01 March 2023 - 3:58AM
Dow Jones News
By Elena Vardon
IQ-AI Ltd. shares rose 23% on Tuesday after the company said it
has received orphan drug designation status from the U.S. Food and
Drug Administration for its treatment for brain cancer.
At 1608 GMT, shares were up 0.70 pence at 3.80 pence.
The U.K. medical-software and services company said the status
is given to drugs showing promise in treating rare diseases or
conditions that affect less than 200,000 people in the U.S.
The group said enrollment in the Phase I clinical trial to
evaluate the safety and tolerability of gallium maltolate in the
treatment of glioblastoma multiforme brain cancer is
continuing.
"This designation is a critical milestone in the development of
GaM. It brings the possibility of making an oral agent available as
a treatment option for glioblastoma multiforme brain cancer, closer
to reality," Chief Executive Trevor Brown said.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
February 28, 2023 11:43 ET (16:43 GMT)
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