Gemini Therapeutics Shares Rise After Disc Medicine Gets FDA Designation
27 Dezembro 2022 - 10:56AM
Dow Jones News
By Mary de Wet
Gemini Therapeutics shares were up 18% at $1.83 in premarket
trading Tuesday after its merger target, Disc Medicine Inc.,
received orphan drug designation for bitopertin.
The stock is down about 47% for the year.
Gemini Therapeutics said in August that it agreed to merge with
the clinical-stage biopharmaceutical company in a stock swap that
would result in Disc shareholders owning more than 70% of the
combined company.
On Tuesday, Disc said the Food and Drug Administration had given
the designation to bitopertin to treat erythropoietic
protoporphyria, a rare disease that causes severe reactions when
patients are exposed to sunlight.
The FDA's orphan-drug program gives special status to drugs and
biologics for diseases and disorders that affect fewer than 200,000
people in the U.S., and provides for an extended marketing
exclusivity period against competition.
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
December 27, 2022 08:41 ET (13:41 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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