By Adam Clark

 

Evgen Pharma PLC shares surged on Thursday after it said that its SFX-01 product to treat malignant glioma has been granted an orphan drug designation by the U.S. Food and Drug Administration.

The designation confers intellectual property cover to an investigational drug in the form of data protection at the time of approval of a new drug application. Tax credits are also possible on eventual U.S. sales of an approved orphan drug.

"This is part of a wider strategy to access the U.S. market and positions us well for further investigations of our lead asset in this devastating brain cancer as we continue to optimize SFX-01 for clinical trials and eventually partnering," Evgen Chief Executive Huw Jones said.

Shares at 1007 GMT were up 2.50 pence, or 39%, at 8.90 pence.

 

Write to Adam Clark at adam.clark@dowjones.com

 

(END) Dow Jones Newswires

September 02, 2021 06:31 ET (10:31 GMT)

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