By Sabela Ojea

Erasca said Thursday that its Eras-801 medication aimed at treating brain tumors was granted Orphan Drug Designation by the U.S. Food and Drug Administration.

Shares rise 3.4% to $2.75 in after-hours trading.

The clinical-stage oncology company said Eras-801 has been designated to treat aggressive brain tumors such as Glioblastoma.

While orphan-drug status doesn't guarantee FDA approval as a treatment for a rare disease, it is a prerequisite for getting incentives such as tax breaks and marketing exclusivity if the agency approves the drug for that purpose.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

June 22, 2023 16:41 ET (20:41 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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