Aldeyra Therapeutics Inc (NASDAQ: ALDX) is having an incredibly strong start to the day in the pre-market hours, and for good reason. The company announced early on that it has been granted Orphan Drug Designation, exciting investors and sending the stock upward. Of course, our partners at Trade Ideas were the first to alert us to the movement. At the moment (8:32), the stock is trading at $5.60 per share after a gain of $0.40 per share or 7.69% thus far today.
ALDX Receives Orphan Drug Designation
As mentioned above, Aldeyra Therapeutics is having a great start to the day today in the pre-market today after announcing that it has received Orphan Drug Designation from the United States Food and Drug Administration. The designation has been granted surrounding the company's novel compound known as ADX-102. The drug is designed to treat congenital ichthyosis, a severe skin disease characteristic of Sjogren-Larsson Syndrome or simply SLS. In a statement, Todd C. Bray, M.D., PhD., President and CEO at ALDX had the following to offer...
“The skin disease associated with SLS is physically and emotionally debilitating, leading to considerable social stigma and requiring significant daily care and medical resources... Receipt of orphan drug designation by the FDA is (a) great step forward for both Aldeyra and patients suffering from this rare and difficult-to-treat disease...”
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ALDX. In particular, we're interested in following the company through the continued development and regulatory work to bring ADX-102 to market. Nonetheless, we'll continue to follow the story closely and bring the news to you as it breaks!
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