LONDON (Alliance News) - Biopharmaceutical company Motif Bio PLC saw its shares surge in early trade on Thursday after the company said the US Food and Drug Administration has granted fast-track designation to its Iclaprim drug.
The intravenous drug is used to treat acute bacterial skin and skin structure infections and hospital-acquired bacterial pneumonia.
"This is excellent news for Motif and comes on the back of the QIDP designation for iclaprim in late July. This Fast Track designation means we will benefit from greater FDA support and that we remain on our Phase III development timeline," said Motif Bio Chief Executive Graham Lumsden.
The news sent Motif Bio shares up 11% in opening trade to 67.1 pence, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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