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Recursion (NASDAQ:RXRX) received Orphan Drug Designation for REC-4881 from the European Commission towards the potential treatment of familial adenomatous polyposis (FAP).
The lead asset REC-4881 is discovered the company for treatment of FAP by leveraging its proprietary AI-powered drug discovery platform, the Recursion OS.
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Meredith Brown-Tuttle, Vice President of Regulatory Affairs, commented : "FAP is a rare tumor syndrome that affects approximately 50,000 patients in the US, France, Germany, Italy, Spain and the UK, with no approved therapies Recursion is excited about this Orphan Drug Designation in the European Union as we continue to advance towards initiating a Phase 2 clinical trial.”
The company expects to initiate a Phase 2 clinical trial of REC-4881 in patients with FAP by the end of this quarter.
Earlier, the U.S. Food and Drug Administration (FDA) granted Orphan Drug and Fast Track designations for REC-4881 to support the development and evaluation of new treatments for FAP.
Price Action : Recursion shares are trading around 2 percent down at $8.83 on Thursday at the time of publication.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.