By Colin Kellaher
Shares of Immix Biopharma Inc. more than doubled on Monday after the biopharmaceutical company's lead product candidate received rare-pediatric-disease designation from the U.S. Food and Drug Administration.
The Los Angeles company said the designation covers IMX-110 for the treatment of rhabdomyosarcoma, a life-threatening form of pediatric cancer.
Immix is currently studying IMX-110 in a Phase 1b/2a clinical trial.
Companies that FDA approval of a drug granted the rare-pediatric-disease designation receive a priority-review voucher that they can use to obtain priority review for another drug or sell to other companies.
Mirum Pharmaceuticals Inc., Albireo Pharma Inc. and Liminal BioSciences Inc. all sold vouchers last year, taking in more than $100 million apiece.
Such an infusion would be a boon to Immix, which raised about $21 million in its initial public offering last month and reported having cash of less than $38,000 as of Sept. 30, prior to the IPO.
Immix shares, which rose as high as $6.31 in their trading debut on Dec. 17, were recently changing hands at $7.40, up 108% after hitting $8.68 early in the session.
Write to Colin Kellaher at firstname.lastname@example.org
(END) Dow Jones Newswires