By Dean Seal

 

ALX Oncology Holdings Inc. said the Food and Drug Administration granted orphan-drug designation to its drug evorpacept as a treatment for acute myeloid leukemia.

Sophia Randolph, the clinical-stage immuno-oncology company's chief medical officer, said Wednesday that the designation reflects the regulator's recognition that evorpacept has shown potential for improving the clinical outcomes of patients with advanced cancers.

Earlier this year, the company said that the FDA had given orphan-drug designation to evorpacept for the treatment of patients with gastric cancer and gastroesophageal junction cancer.

Orphan-drug designation is a special status given to drugs that show promise for potentially treating rare, or orphan, diseases that have fewer than 200,000 cases a year in the U.S.

Shares of ALX Oncology rose 24% to $10 in premarket trading.

 

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

June 29, 2022 07:45 ET (11:45 GMT)

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