Shares of OXiGENE Inc (NASDAQ: OXGN), a nano-cap biopharmaceutical company that focuses on the treatment of cancer, spiked higher by 13 percent on Wednesday after the company announced that the U.S. Food and Drug Administration granted a Fast Track designation for one of its drugs.
Oxigene stated the FDA granted a Fast Track designation for its CA4P drug that is used for the treatment of platinum-resistant ovarian cancer. A Fast Track designation implies the company can benefit from more frequent communication with the FDA regarding development plans to support product registration.
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Oxigene may also be eligible for priority review of New Drug Applications, which shortens the FDA's standard review timeline.
"The FDA's granting of Fast Track status to CA4P is a significant acknowledgement of the potential for CA4P to provide a new and better treatment option for women with platinum-resistant ovarian cancer," stated William D. Schwieterman, M.D., President and Chief Executive Officer of OXiGENE. "I am pleased that we now have the opportunity to work closely with FDA to expedite our CA4P development program in ovarian cancer, as we seek to bring this promising product candidate to patients."