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Avax Tech/FDA -2: To Treat Genetic Immune Sys Disease
DOW JONES NEWSWIRES
KANSAS CITY, Mo. -- Avax Technologies Inc. (AVXT) received orphan drug designation from the U.S. Food and Drug Administration for the company's SCID-X1 technology being developed to treat Severe Combined Immundeficiency, a rare genetic disorder that results in an almost nonexistent immune system in newborns.
Orphan drug status gives Avax exclusive marketing rights for seven years after approval, allows the company to obtain research funding and provides tax credits for certain research expenses and a waiver from the application user fee.
In a press release Wednesday, Avax said it has been granted an option to license the SCID-X1 gene therapy developed by Alain Fischer and Marina Cavazzanna-Calvo from research conducted in Paris.
The FDA's decision follows granting of orphan drug status for SCID-X1 in Europe in May 2001.
Shares of Avax Technologies got a boost from the news, trading recently at 62 cents, up 17 cents, or 38%, on Nasdaq volume of 115,200 shares, exceeding the daily average volume of 31,693 shares.
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