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| Wednesday, October 11, 2006 |
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Biovest International Gets Orphan Drug Designation for BiovaxID in Europe
Biovest International Inc., which is majority-owned by drug developer Accentia Biopharmaceuticals Inc., said Wednesday that a European commission registered its BiovaxID therapy as a rare disease treatment, conferring market exclusivity to treat a rare cancer.
The company said the Commission of the European Union entered BiovaxID into the Drug Register for Rare Diseases for Follicular Lymphoma, an immune system cancer where the disease is grouped in clusters in the lymph node. The designation follows a recommendation by a European Medicines Agency committee to make BiovaxID an orphan drug for the disease.
Orphan drug status in Europe gives the company 10 years of marketing exclusivity for the specific drug use upon approval, along with reduced filing fees and regulatory assistance.
Accentia shares rose 22 cents, or 8.9 percent, to $2.66 in afternoon trading on the Nasdaq. Since going public on Oct. 28, the stock has changed hands between $1.96 and $8.86, and is off nearly 52 percent year-to-date. |
posted by pharma-insight @ 12:59 PM  |
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