The U.S. Food and Drug Administration (FDA) has granted Fast Track Designation to Midatech Pharma PLC's (NASDAQ:MTP) lead drug candidate MTX110 for the treatment of patients with recurrent glioblastoma (rGBM).
The company is planning to begin recruitment in the phase 1 study evaluating MTX110 in patients with recurrent glioblastoma (GBM).
Dmitry Zamoryakhin, CSO, said: "rGBM is a devastating cancer marked by short survival rate and universal recurrence. Receiving Fast Track designation for MTX110 is an important milestone for the development of the drug as it demonstrates the need for novel and effective treatment options for this currently universally fatal disease."
FDA Fast Track Designation is intended to expedite the development and review of new drugs to treat serious medical conditions that fill unmet medical needs.
Midatech Pharma shares are trading 16.27% higher at 73 cents Wednesday, with trading volume of 7.1 million versus an average volume of 48.01 thousand shares.
