Shares of drugmaker aTyr Pharma climbed over 30 percent Wednesday following news that the San Diego firm’s drug should progress quickly through the regulatory process.
ATyr’s drug, called Resolaris, was granted “fast-track” status by the U.S. Food and Drug Administration, meaning the firm will get more frequent interactions with the FDA (likely leading to speedier approval of the drug).
At the same time, the FDA has removed its partial clinical hold on a dosing limit for Resolaris in clinical trials, removing one more barrier for the company.
Resolaris is an intravenous protein therapy meant to treat limb girdle muscular dystrophy 2B, a group of rare inherited disorders characterized by muscle weakness and atrophy.
ATyr Pharma went public in 2015 when the company raised $75 million in an initial public offering. Over the past 18 months, the company’s stock has fallen over 80 percent. The firm’s market cap sits at $75 million as of Jan. 18.
