The Antisense Therapeutics Ltd (ASX: ANP) share price is storming high today. This comes as the biotech company made a recent announcement on a decision by the European Commission on one of its medicinal products.
At the time of writing, the Antisense share price is up an astonishing 31.82% to 14 cents, after rocketing by as much as 45% earlier this afternoon. Indeed, the All Ordinaries Index (ASX: XAO) pales in comparison, moving 0.9% higher to 6,976 points.
What's rocketing the Antisense share price higher?
Investors are running in droves to get a hold of Antisense shares after this latest development.
Just days ago, the European Commission advised it had granted orphan drug designation for Antisense's ATL1102 medicinal product for Duchenne muscular dystrophy.
The positive outcome was a result of the favourable opinion issued by the European Medicines Agency (EMA) Committee last month. The company also recently obtained orphan drug designation and rare paediatric disease designation for ATL1102 in the United States.
Achieving orphan status in the European Union allows Antisense to receive development and marketing incentives. These concessions include reduced fees on scientific advice and the marketing authorisation application. In addition, the company will be granted market exclusivity for 10 years upon regulatory approval. A further 2 years can be added for its paediatric use in the treatment of Duchenne muscular dystrophy.
What did the head of Antisense say?
Mr Mark Diamond, Antisense managing director and CEO, commented on the result:
We are very pleased the EC has adopted the decision to designate ATL1102 for DMD as an Orphan Drug in the EU. We have now successfully achieved orphan drug designation in Europe and orphan drug and rare paediatric disease designations the US, the world's major pharmaceutical markets.
We expect that the incentives that come from such designations including marketing exclusivity periods will be of very significantly commercial value should ATL1102 be successful in its progress through development and ultimately achieve marketing approval.
How has the Antisense share price performed recently?
The Antisense share price has reached a multi-year high today on the back of the European Commission's decision.
At the start of the year, its shares were swapping hands for 9 cents and now they are trading for 14 cents per share — a gain of more than 55%.
