Seelos Therapeutics Inc (NASDAQ:SEEL) stock is witnessing a relief in the pre-market session s the stock has been in a continuous downtrend since April after peaking out at around $6.
Seelos Therapeutics Receives European Orphan Drug Designation for SLS-005 (Trehalose) in Amyotrophic Lateral Sclerosis (ALS)
- SEEL announced it has received European Orphan Drug Designation for SLS-005 in amyotrophic lateral sclerosis (ALS) from the European Medicines Agency (EMA) Committee for Orphan Medicinal Products (COMP).
- Under orphan designation in the European Union (EU), Seelos stands to benefit from several incentives such as protocol assistance, reduced regulatory fees and market exclusivity. European guidelines for Orphan Drug Designation are for diseases affecting not more than five in 10,000 people in the EU.
- In November, SLS-005 was granted Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) for ALS. SLS-005 was previously granted Orphan Drug Designation from the FDA and EMA for Spinocerebellar Ataxia Type 3 (SCA3), Sanfilippo syndrome and Oculopharyngeal Muscular Dystrophy (OPMD). SLS-005 has also been granted Fast Track designation from the FDA for OPMD.
Market Action
As of 7:55, SEEL stock is gaining by 1.95% to $3.14. So far more than 38K have exchanged hands.
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