Prometic Life Sciences Inc. (TSX: PLI) reported that it was granted a Rare Pediatric Disease Designation for Prometic’s Ryplazimä
SmallCapPower | August 30, 2017: Prometic Life Sciences Inc. (TSX: PLI) shares surged 25% to close at $1.50 on Tuesday after the biopharmaceutical company revealed that it was granted a Rare Pediatric Disease Designation for Prometic’s Ryplazimä from U.S. Food and Drug Administration (FDA). Ryplazimä is a plasminogen replacement therapy for the treatment of patients with congenital plasminogen deficiency. Additionally, Ryplazimä has already been granted Orphan Drug and Fast Track Designation by the FDA.
The FDA grants Rare Pediatric Disease Designation for serious or life-threatening diseases in which the serious or life-threatening manifestations primarily affect individuals aged from birth to 18 years. If approved, Prometic’s plasminogen replacement therapy will be eligible to receive a rare pediatric disease priority review voucher.
Mr. Pierre Laurin, President and Chief Executive Officer of Prometic, said “We are pleased that Ryplazim has received this pediatric designation from the FDA. In addition to Ryplazim’s orphan drug status, this designation represents another validation of the approach we have taken regarding our plasminogen’s clinical program.”
Shares of Prometic Life Sciences continued to push higher Wednesday, up 11% to $1.67 at midday.
Prometic Life Sciences stock trades at TTM Price to Sales multiple of 64.8x and Price to Book multiple of 7.85x.
Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.
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