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Avacta Group PLC on Monday said it received approval for its AVA6000 for treatment of soft tissue sarcoma.
Avacta shares were up 3.4% at 121.00 pence each on Monday morning in London.
The Cambridge, England-based drug developer and diagnostics company said the US Food & Drug Administration has granted orphan drug designation to the company's drug candidate.
AVA6000 is a form of the chemotherapy drug doxorubicin, which slows or stops the growth of cancer cells by blocking an enzyme called topo isomerase 2.
AVA6000 aims to reduce adverse effects of doxorubicin by limiting its exposure to healthy tissue. It seeks to achieve the reduction by detecting a high concentration of a fibroblast activation protein in cells. Many solid tumours have a high concentration of the protein, in comparison with healthy tissues, Avacta explained.
The company said doxorubicin has a market size that is expected to grow to $1.38 billion by 2024.
Chief Executive Officer Alastair Smith said: ‘This designation provides tax credits and other incentives for drug developers addressing rare diseases. Most notably the orphan drug designation will give Avacta, if AVA6000 is approved for treatment of soft tissue sarcoma, seven years of market exclusivity in the US, which is a significant commercial advantage.’
Soft-tissue sarcoma is a rare mesenchymal malignancy which accounts for less than 1% of all adult tumours.
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