Shares of biopharmaceutical company Synlogic (NASDAQ:SYBX) are on the rise today after its product candidate SYNB1934 bagged an orphan drug designation from the U.S. Food and Drug Administration for the treatment of phenylketonuria (PKU).
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Next, Synlogic is planning to begin a Phase 3 trial of the drug in the first half of 2023. Impressively, SYNB1934 has also bagged a Rare Pediatric Disease designation in the U.S. as well as an orphan drug designation in Europe.
Today’s price gains come after a nearly 55.5% drop in Synlogic shares over the past year.
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