Proteostasis Therapeutics Inc (NASDAQ:PTI) shares were skyrocketing Tuesday as the company received some positive news regarding on of its most recent treatments.
The biopharmaceutical company’s shares were briefly up about 70%, helping the stock reach an 11-month high as its cystic fibrosis treatment garnered a Breakthrough Therapy Designation (BTD) by the U.S. Food and Drug Administration (FDA).
Proteostasis Therapeutics stock’s volume was higher than usual Tuesday, topping 14 million shares, eclipsing the average of 780,000 shares over the past 30 days, according to FactSet. The BTD will help the company expedite the development and review of a drug it created to treat a serious or life-threatening disease.
The company says that it believes the Breakthrough Therapy Designation for PTI-428 is a strong marker of how much its recent Phase 2 study results for its amplifier has succeeded. The medication is a proprietary class of CFTR modulators, according to Proteostasis Therapeutics CEO Meenu Chhabra.
“PTI-428 can potentially be added to current and future standards of care, offering the potential for improvement in pulmonary function for patients with cystic fibrosis,” Chhabra added in a prepared statement.
“We look forward to working closely with the FDA as we advance our clinical programs for PTI-428, including as part of our proprietary triple combination with PTI-801 and PTI-808, our third generation corrector and potentiator, respectively,” he finished.
PTI stock was up a whopping 53.6% on Tuesday on the FDA news.