By Colin KellaherShares of BioXcel Therapeutics jumped more than 20% in premarket trading Monday after the biopharmaceutical company said the U.S. Food and Drug Administration granted fast-track designation to its BXCL701 drug candidate in patients with a rare form of prostate cancer. The FDA's fast-track program is designed to facilitate the development and expedite the review of treatments for serious or potentially life-threatening illnesses with high unmet medical needs. BioXcel said it plans to discuss the registration path for BXCL701 at an upcoming meeting with the FDA. BioXcel shares, which closed Friday at $2.11, were recently up 22% to $2.58 in premarket trading. Write to Colin Kellaher at colin.kellaher@wsj.com(END) Dow Jones Newswires02-12-24 0742ET

Source: Wall Street Journal February 12, 2024 12:48 UTC