Fast-Track Frenzy Fires Up Favrille

The biopharma company's shares jump 32%.
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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

, 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)

.