Timber Pharmaceuticals (NYSEMKT:TMBR) stock is taking off on Friday after getting an orphan drug designation in Europe.
This designation comes from the European Commission (EC) and covers TMB-001 for the treatment of X-linked recessive ichthyosis. This is Timber Pharmaceuticals’ lead candidate for that treatment. TMB-001 is currently undergoing an international Phase 3 clinical trial.
TMB-001 is a topical isotretinoin created with the company’s patented IPEG delivery system. It’s designed to treat CI, which is “a group of rare genetic keratinization disorders that lead to dry, thickened, and scaling skin.”
John Koconis, Chairman and CEO of Timber Pharmaceuticals, said the following about the news:
“We believe the targeted delivery of therapies to the epidermis and dermis may be able to minimize systemic absorption and we are committed to bringing a potential new treatment option to this rare disease community.”
What the Future Holds for TMBR Stock
Getting orphan drug designation is already a win for TMBR investors. However, further gains could come if its Phase 3 clinical trial goes well. That would likely lead to the commercialization of the drug.
This idea has investors buying up shares of TMBR stock, which has it seeing heavy trading, too. As of this writing, more than 38 million shares have changed hands. That’s a massive surge in trading volume compared to the company’s daily average of about 105,000 shares.
TMBR stock is up 60.7% as of Friday morning.
There’s more stock market news worth diving into below!
We’ve got all of the latest stock coverage traders need to know about for Friday! A few examples include what’s happening with shares of Fisker (NYSE:FSR), Sono Motors (NASDAQ:SEV) and Bridger Aerospace (NASDAQ:BAER) stock. You can read up on all that news at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.