11th Feb 2014 09:50
LONDON (Alliance News) - Scancell Holdings PLC said Tuesday its SCIB1 ImmunoBody metastatic melanoma treatment had been granted orphan drug designation by the US Food and Drug Administration.
This designation means that Scancell can qualify for a 50% tax credit for clinical trials of the treatment, a waiver of the prescription-drug user fee for the drug-approval procedure, and seven years of market exclusivity.
The orphan drug designation is designed for rare diseases that affect less than 200,000 people in the US, or treatments that are not expected to recover the costs of development and marketing the drug.
Shares in the biopharmaceutical company were trading up 5.5% at 37.17 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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