mojeNovosti.com
The orphan status, which is granted in the United States to drugs that treat diseases affecting fewer than 200,000 people, provides a seven years' marketing exclusivity from the date of approval.
The drug, LX1032 or telotristat etiprate, is designed to treat carcinoid syndrome -- a group of symptoms associated with tumors that usually originate from the gastrointestinal tract.
Shares of the Woodlands, Texas-based company, which have risen 50 percent this year, rose to $2.07 in after-market trade. They closed at $1.87 on Tuesday on the Nasdaq.
(Reporting by Kavyanjali Kaushik in Bangalore; Editing by Joyjeet Das)
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