By Ben Glickman
Shares of Immix Biopharma traded higher Thursday after the company said it had received Orphan Drug Designation from the U.S. Food and Drug Administration for its treatment.
The stock was up 18%, to $3.52, in afternoon trading, reaching a 52-week high of $3.65. Shares are up 54% this year.
The Los Angeles-based biopharmaceutical company said Thursday morning that it had received the designation from the FDA for NXC-201, its treatment of blood disorder Amyloid Light Chain Amyloidosis. The treatment is currently being tested in a Phase 1b/2 trial.
The FDA’s orphan drug status is given to treatments for rare conditions and supports the clinical development of the treatment.
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