Shares of DelMar Pharmaceuticals Inc. (NASDAQ:DMPI) surged almost 50% higher in premarket trading after the biopharmaceutical company said its lead-product cancer treatment, VAL-083, was granted 'Fast Track' designation by the US Food and Drug Administration.
VAL-083 is a potential new treatment for recurrent glioblastoma (rGBM), a cancer of the brain and spinal cord.
‘Fast Track’ designation helps expedite the review of drugs showing promise in treating life-threatening diseases.
The firm’s interim chief executive, Saiid Zarrabian commented: "We are enthusiastic about the potential of VAL-083 to offer a meaningful clinical benefit to patients with rGBM and for the opportunity to expedite the regulatory process through the FDA's Fast Track program."
In pre-market trading, DelMar shares were 46% higher at US$1.20.