Why Kintara Therapeutics Stock Is Seeing Blue Skies Thursday

Kintara Therapeutics Inc KTRA shares are trading higher by 24.09% to $9.94 Thursday morning after the company received FDA Orphan Drug Designation (ODD) for VAL-083.

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The FDA's ODD program provides orphan status to drugs defined as those intended for the treatment, diagnosis or prevention of rare diseases that affect fewer than 200,000 people. ODD provides the sponsor of the drug with development incentives, including tax credits for qualified clinical testing, prescription drug user fee exemptions and seven-year marketing exclusivity upon FDA approval.

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"This is another important step for us in evaluating VAL-083 as a treatment for brain tumors in addition to our lead indication of glioblastoma," said Robert E. Hoffman, Kintara's President and CEO. "We will continue with our clinical advancement of the drug candidate with our objective of delivering a much-needed new treatment that can benefit patients."

According to data from Benzinga Pro, KTRA has a 52-week high of $42.00 and a 52-week low of $3.50.