Biodexa Pharmaceuticals (BDRX) said Monday that the US Food and Drug Administration granted fast track designation for eRapa to potentially treat familial adenomatous polyposis.

The designation helps facilitate the development and expedite the review of drugs to treat serious conditions and fill an unmet medical need.

The company said it had received US FDA orphan drug designation for eRapa in familial adenomatous polyposis and intends to seek a similar designation in Europe.

Familial adenomatous polyposis universally leads to cancer of the colon and/or rectum if untreated, Biodexa said.

The company's shares were up more than 65% in recent trading.

Price: 6.75, Change: +2.68, Percent Change: +65.85