Some recent biopharma news concerning Akari Therapeutics has AKTX stock flying high on Wednesday.
The biopharma news has to do with Akari Therapeutics (NASDAQ:AKTX) getting Fast Track designation from the U.S. Food & Drug Administration (FDA) for one of its treatments. This allows the company to speed up testing of the drug. The designation is typically given to medicine with potential to treat illnesses that don’t already have wide coverage.
The Fast Track designation from the FDA is for Akari Therapeutics’ nomacopan. This is the company’s drug for treating HSCT-TMA. HSCT-TMA is an orphan condition with an estimated fatality rate of more than 80% in children that suffer from it. There currently isn’t an approved treatment for this illness.
The positive biopharma news for AKTX stock comes after the successful treating of two patients in the U.S. with nomacopan. With these results and the FDA’s approval, the company is now planning to launch a clinical trial of the treatment in the fourth quarter of 2019.
“We see HSCT-TMA as a gateway into a range of other poorly treated orphan TMAs in both pediatric and adult patients, and are optimistic about the potential for nomacopan to offer an improved standard of care for these orphan conditions with high mortality rates,” Clive Richardson, interim CEO of Akari Therapeutics, said in a statement.
AKTX stock was up 32% as of Wednesday morning and is up 7% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.