Reata Pharmaceuticals (NASDAQ:RETA) stock is rocketing higher on Wednesday following approval from the U.S. Food and Drug Administration (FDA) for one of its drugs.
The FDA approval covers the use of the company’s SKYCLARYS as a treatment for patients suffering from Friedreich’s ataxia. Patients will note that this is the first time the FDA has approved a drug to treat this rare disease.
Friedreich’s ataxia is an “ultra-rare, inherited neurodegenerative disorder that is typically diagnosed during adolescence.” It typically results in patients suffering from progressive loss of coordination, muscle weakness and fatigue. The life-threatening condition often leads to motor incapacitation and wheelchair reliance for patients.
Friedreich’s ataxia is rare enough that only about 5,000 patients in the U.S. are diagnosed with it. The company’s treatment has FDA approval for use in adults and adolescence as young as 16 years old.
Jen Farmer, CEO of Friedreich’s Ataxia Research Alliance, said the following about the news:
“Today’s approval of SKYCLARYS represents a significant milestone in our effort to advance research and achieve treatments for Friedreich’s ataxia […] The entire Friedreich’s ataxia community including patients, clinicians, scientists, pharmaceutical companies, government agencies, and others have worked collaboratively for decades to enable therapeutic development for this debilitating disease.”
RETA Stock Reactions
Despite the positive FDA news, shares of RETA stock aren’t seeing heavy trading so far today. Only about 500,000 shares have changed hands as of this writing. That’s still below the daily average trading volume of about 1 million shares. Even so, shares of RETA stock are up 174.7% in pre-market trading on Wednesday!
Investors looking for more of the latest stock market news are in luck!
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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.