By Colin Kellaher
Shares of Immix Biopharma Inc. surged more than 50% in premarket trading Monday after the clinical-stage biopharmaceutical company received a key U.S. Food and Drug Administration designation for its lead product candidate.
The Los Angeles company said the FDA granted rare-pediatric-disease designation to IMX-110 for the treatment of rhabdomyosarcoma, a life-threatening form of pediatric cancer.
Drugmakers who eventually win FDA approval of a drug granted the rare-pediatric-disease designation receive priority-review vouchers, which they can use to obtain priority review for another drug or sell to other companies.
Mirum Pharmaceuticals Inc. last year received a priority-review voucher upon FDA approval of its cholestatic pruritus drug Livmarli for patients with Alagille syndrome and later agreed to sell the voucher for $110 million.
Immix shares, which closed Friday at $3.56, were recently up 55% at $5.50 in premarket trading. The company went public last month at $5 a share.
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(END) Dow Jones Newswires