MTP - Midatech Pharma climbs on FDA's Fast Track Designation for brain tumor candidate

The ADRs of U.K.-based biotech Midatech Pharma (NASDAQ:MTP) added ~50% in the pre-market Wednesday after the company announced that the FDA issued the Fast Track designation for its development program of MTX110 in recurrent glioblastoma ("rGBM"). A rapidly growing and aggressive brain tumor, rGBM is characterized by short survival rates and frequent recurrence. MTX110, a water-soluble formulation of Panobinostat, would soon undergo a company-sponsored Phase I study targeting rGBM, Chief Scientific Officer of Midatech (MTP) Dmitry Zamoryakhin said. The FDA offers the Fast Track designation to accelerate the development and review of drugs targeted at serious conditions where there is an unmet medical need. It facilitates developers to conduct frequent communications with the regulator on plans for clinical studies. Read: Midatech (MTP) appointed Zamoryakhin as its CSO in July 2021.

For further details see:

Midatech Pharma climbs on FDA’s Fast Track Designation for brain tumor candidate