By Connor Hart
American depositary receipts of Biodexa Pharmaceuticals climbed after the company received a fast-track designation from the Food and Drug Administration for its treatment a condition that may lead to colorectal cancer if left untreated.
The ADRs jumped 75%, to $7.13, during trading Monday morning. Despite being up 76% since the beginning of the year, the receipts have lost 80% of their value in the past 52 weeks.
The U.K. biopharmaceutical company said data from a Phase 2 study of eRapa, a treatment for familial adenomatous polyposis, showed the drug to be safe and well-tolerated among users. The treatment resulted in a median 17% reduction in total polyp burden at 12 months, as well as an overall 75% non-progression rate, the company said.
Biodexa is planning a Phase 3 study for the drug, which would introduce a new treatment option for colorectal cancer. Currently, the only option is surgical resection, according to the company.
The FDA's fast-track designation facilitates the development and expedites the review of drugs intended to treat conditions that demonstrate the potential to fill an unmet medical need.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
February 10, 2025 11:12 ET (16:12 GMT)
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