Fast-Track Frenzy Fires Up Favrille
Favrille
(FVRL)
, a biopharmaceutical company developing cancer treatments, said the Food and Drug Administration granted fast-track designation to FavId, its lead product candidate for B-cell follicular non-Hodgkin's lymphoma.
The news made Favrille the biggest percentage gainer on the
Nasdaq
TheStreet Recommends
, where its shares jumped $1.29, or 32%, to $5.33. More than 600,000 shares had traded by late morning -- about 20 times the daily average for a full session.
Shares of San Diego-based Favrille have traded in a range of $3.20 to $7.50 in the last 52 weeks.
Fast-track designation means the FDA will expedite the development and review of a product. FavId is currently in a phase III clinical trial with patients who already received Rituxan, a lymphoma drug made by
Genentech
(DNA)
.
