In more pharmaceutical news today, shares of Celladon Corp (NASDAQ:CLDN) have moved up considerably following the announcement that the US Food and Drug Administration (FDA) had granted the company Orphan Drug status for their formula called ubenimex.
The drug which is used for the treatment of pulmonary arterial hypertension (PAH) could be a game-changer in this space. Celladon Corp (NASDAQ:CLDN) acquired the rights to ubenimex following their recent merger with Eiger BioPharmaceuticals earlier in the month.
“The FDA Office of Orphan Products Development (OOPD) evaluates scientific and clinical data submissions from sponsors to identify and designate drug candidates that could potentially treat rare diseases to help advance the evaluation and development of such products,” said Joanne Quan, MD, Chief Medical Officer at Eiger. “We are pleased with the OOPD’s designation of orphan drug status for ubenimex in PAH.”The stock is up 15.86% or $0.23 after the positive news, hitting $1.68 per share. About 1.56M shares traded hands or 50.00% up from the average. CLDN has declined 45.08% since April 27, 2015 and is downtrending. It has underperformed by 44.18% the S&P500.
Celladon Corporation is a clinical-stage biotechnology firm engaged in the development of cardiovascular gene therapy. The company has a market cap of $40.18 million. The Firm uses its gene therapy and calcium dysregulation to develop therapies for diseases with unmet medical needs. It currently has negative earnings. The Company’s therapeutic portfolio includes both gene therapies and small molecule compounds targeting diseases characterized by SERCA enzyme deficiency.