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IP Group PLC on Monday announced that its majority-owned portfolio company, Istesso Ltd, has been granted fast track designation for its lead drug MBS2320.
The Oxford, England-based intellectual property commercialisation company, which holds a 56% stake in immunometabolism drug discovery and development firm Istesso said that the US Food & Drug Administration had given fast track status for the drug, which is currently in clinical development.
The investigational metabolic reprogramming agent is being developed to reduce inflammation and help the remodelling of damaged tissue in the treatment of rheumatoid arthritis. The drug has also shown to reduce symptoms of idiopathic pulmonary fibrosis while also supporting the remodelling of fibrotic tissue.
The dual mode of action of the drug gives it potential to control disease symptoms as well as reverse the underlying pathology in bones and joints.
‘This fast track designation reflects the pressing need for new treatments to help patients with IPF. At Istesso we are committed to creating genuine improvements in patients’ health and quality of life. This fast-track designation is an important milestone that will help us advance MBS2320 to patients with this debilitating and life-threatening condition more rapidly,’ Istesso CEO Lisa Patel said.
The FDA fast track designation makes Istesso eligible for development incentives, tax credits, FDA assistance with clinical trial costs and seven years of US market exclusivity if the treatment is market approved.
IP Group shares were 0.9% higher at 68.10 pence per share on Monday morning in London.
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