Pulmatrix (NSDQ:PULM) shares were up 159% to $1.79 apiece in mid-afternoon trading today after the company announced that its drug candidate for treating fungal infections in the lungs of cystric fibrosis patients was designated as a ‘qualified infectious disease product’ by the FDA.
With the designation, the Lexington, Mass.-based company will receive 5 years of market exclusivity for the drug candidate.
“The new QIDP designation is a significant boost to our efforts to make this drug available as quickly as possible to cystic fibrosis patients suffering from fungal lung infections,” Pulmatrix CEO Robert Clarke said in prepared remarks. “It will give us the benefit of an expedited regulatory review. Added to our existing FDA Orphan drug designation for PUR1900, it will give us a full 12 years of market exclusivity.”
Get the full story at our sister site, Drug Delivery Business News.
The post Pulmatrix shares soar after winning FDA designation appeared first on MassDevice.
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