PhaseRX Inc (NASDAQ: PZRX) is having an incredibly strong day in the market today, and for good reason. The company has been awarded Orphan Drug Designation by the EMA. Of course, this led to excitement among investors and ultimately gains in the stock. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:46), PZRX is trading at $1.43 per share after a gain of $0.19 per share (15.28%) thus far today.
PZRX Awarded Orphan Drug Designation
As mentioned above, PhaseRx is having a strong time in the market early on this morning, and for good reason. The company has received Orphan Drug Designation from the European Medicines Agency. The designation was provided with regard to modified messenger ribonucleic acid encoding human ornithine transcarbamylase enzyme encapsulated into lipid nanoparticles. While the company hasn’t released a press release surrounding this news quite yet, we are expecting to see one at any time.
Ultimately, the Orphan Drug Designation is overwhelmingly positive news. Not only will this help to speed up the process toward approval, it will also assist PZRX in protecting its intellectual property. All in all, there’s a good reason investors are excited here!
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PZRX. In particular, we’re looking for a press release regarding the designation as well as the company’s next steps following the positive news. We’ll continue to follow the story closely and bring the news to you as it breaks!
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