In a new development that has come as a significant boost for GNPX stock, Genprex Inc (NASDAQ:GNPX) today announced that one of its products has been awarded a fast track designation by the United States Food and Drug Administration.
Investors Cheer the News
The company announced that the combination of its product Oncoprex™ immunogene therapy with EGFR inhibitor osimertinib has been granted the coveted designation.
It is also important to point out that the combination is meant for the treatment of non-small cell lung cancer. Genprex is one of the leading companies in this line of research, and, over the years, it has created plenty of products of this nature.
A fast track designation indicates that the FDA believes that the medicine in question deserves to hit the market as soon as possible. It is a major development for the company, and investors could track GNPX stock over the coming days. It remains to be seen how the market reacts to the latest developments.
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The Chief Executive Officer and Chairman of Genprex said of the development: “In addition to potentially facilitating and expediting our pathway to approval, we believe that this FDA designation validates our plan to commercialize Oncoprex immunogene therapy in combination with EGFR inhibitors.”
Another important thing to keep in mind with regards to fast-tracked product candidates is the fact that these must display certain advantages over existing therapies. If a product gets such a designation, then there is certainly a degree of promise, and it is not awarded lightly by the FDA. Genprex is preparing to conduct clinical trials over the combination, and market watchers will be keen to see the results.
At the time of writing, GNPX stock is up a whopping 310% at $1.47.
Featured image: DepositPhotos © Alex011973
