The FDA Just Gave Oncolytics Biotech A Big Bump

The FDA gave Orphan Drug Status to Oncolytics Biotech, Inc. (USA) ONCY's Ovarian Cancer drug, Reolysin, on Wednesday.

Through this designation, Oncolytics Biotech is given tax reductions, along with exclusive rights to any cure within seven years post status designation. This particular status is only given to drugs that help treat rare diseases, which is defined as those afflicting 200,000 people or less.

In 2014, there were 21,980 new cases of the disease with a 44.6 percent survival rate in a five-year period.

Year-over-year, Oncolytics Biotech is down 70 percent. On Wednesday, the stock is up 6.4 percent to $0.50.