Medgenics Surges 11% after Receiving Orphan Drug Designation
Shares of Medgenics, Inc. (NYSE: MDGN) are seeing increased strength during Friday's trading session after the the U.S. Food and Drug Administration granted Orphan Drug Designation for Medgenics' INFRADURE Biopump.
The company announced that its INFRADURE™ Biopump has received Orphan Drug Designation from the FDA Office of Orphan Products Development for the treatment of hepatitis D.
INFRADURE is the version of Medgenics' Biopump technology platform which produces interferon alpha, commonly used to treat hepatitis. This marks the first Orphan Drug Designation granted for treatment of a clinical indication using the Biopump.
Orphan Drug Designation carries multiple benefits, including the availability of grant money, certain tax credits and seven years of market exclusivity, as well as the possibility of an expedited regulatory process.
Currently, shares of Medgenics are trading up about 8% at $9.51 per share.
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