CELZ - Creative Medical Technology Receives FDA Orphan Drug Designation for Key Transplantation Therapy

2024-03-06 07:36:12 ET

DENVER, Colo., Mar 06, 2024 ( 247marketnews.com )- Creative Medical Technology Holdings, Inc. (NASDAQ: CELZ ) announced, this morning, that it received Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) for CELZ-101, ImmCelzTM, which is aimed at preventing allograft rejection in patients undergoing pancreatic islet cell transplantation.

ELZ is trading at $$5.47, up $1.341 (+32.48%), on 816,256 shares.

Its 52-week range is $3.93 to $13.30 and has, mostly, traded in a channel for over five months, which may signify a significant platform for a move.

Timothy Warbington, CEO of Creative Medical Technology Holdings, stated, “The FDA’s Orphan Drug Designation for CELZ-101 underscores our commitment to developing groundbreaking therapies. This important milestone propels us closer to offering a lasting solution for those grappling with the everyday hurdles of brittle Type 1 diabetes, marked by erratic fluctuations in glucose levels. It harmonizes with our mission to better patients’ lives through the forefront of regenerative medicine. ”

Dr. Courtney Bartlett, DNP, AGACNP-BC, CCRP, Director of Clinical Development, commented, “The development of CELZ-101 is a major step forward in the realm of cell-based immunotherapy. It addresses the critical need for more effective treatments in brittle Type 1 diabetes by aiming for operational tolerance in islet cell transplantation, potentially freeing patients from the burden of lifelong immunosuppression. We believe this is the first orphan designated, synergistic cell-based immunotherapy for brittle Type 1 diabetes.”

“The Orphan Drug Designation by the FDA highlights CELZ-101’s potential to meet a significant unmet need in the prevention of allograft rejection during pancreatic islet cell transplantation which was recently approved by the FDA. This designation provides multiple important benefits to support the therapy’s development including tax advantages, user fee exemptions, and the opportunity for market exclusivity following approval,” added Timothy Warbington, CEO of the Company.

The post Creative Medical Technology Receives FDA Orphan Drug Designation for Key Transplantation Therapy appeared first on 24/7 MarketNews .

For further details see: