By Colin KellaherShares of Immix Biopharma Inc. surged more than 50% in premarket trading Monday after the clinical-stage biopharmaceutical company received a key U.S. Food and Drug Administration designation for its lead product candidate. The Los Angeles company said the FDA granted rare-pediatric-disease designation to IMX-110 for the treatment of rhabdomyosarcoma, a life-threatening form of pediatric cancer. Drugmakers who eventually win FDA approval of a drug granted the rare-pediatric-disease designation receive priority-review vouchers, which they can use to obtain priority review for another drug or sell to other companies. Mirum Pharmaceuticals Inc. last year received a priority-review voucher upon FDA approval of its cholestatic pruritus drug Livmarli for patients with Alagille syndrome and later agreed to sell the voucher for $110 million. Immix shares, which closed Friday at $3.56, were recently up 55% at $5.50 in premarket trading.

Source: Wall Street Journal January 03, 2022 14:04 UTC