Published on 14 Jul 2022 on Zacks via Yahoo Finance
Amryt (AMYT) Mycapssa Gets Orphan Drug Tag for Carcinoid Syndrome
Amryt Pharma plc AMYT announced that the FDA has granted Orphan Drug designation to its marketed product, Mycapssa (oral octreotide), for the treatment of carcinoid syndrome, a common functional syndrome related to neuroendocrine tumors (NETs).
The Orphan Drug designation is granted by the FDA to a drug or biologic intended to treat a rare disease or condition, which generally includes one that affects fewer than 200,000 individuals in the United States.
Shares of Amryt were up in pre-market trading on Thursday following the announcement of the news. The stock has plunged 31.3% so far this year compared with the industry’s decline of 22%.