Shares of Australia-based biotech Immutep Limited (NASDAQ: IMMP) rose sharply on Thursday thanks to the company’s announcement of a regulatory update regarding one of its pipeline candidates, investigational cancer treatment eftilagimod alpha. Immutep Limited’s stock ended the day up by 11.3% after jumping by as much as 14.8% during the trading session.
Immutep Limited reported that the U.S. Food and Drug Administration (FDA) granted the Fast Track designation to eftilagimod alpha in the treatment of recurring or metastatic head and neck squamous cell carcinoma (HNSCC). What does this mean? The Fast Track designation is given to drugs that fill an unmet medical need to expedite their development and approval. It ensures that the company in question and the FDA will work closely together at every step of the process.