Approval of Orphan Disease Application for this Biotech Firm

Approval of Orphan Disease Application for this Biotech Firm

By: Tomas Ronolski - AllPennyStocks.com News

Monday, August 21, 2023

Orphan drugs are intended to treat diseases so rare that sponsors are reluctant to develop them under usual marketing conditions. However, in addition to providing help for those in need, these drugs also can tap unlimited potential and ten-year protection from market competition with similar medicines and indications.

Clinical-state biotech firm Harvard Apparatus Regenerative Technology, Inc. (OTCQB: HRGN) develops the technology to regenerate organs inside the body to treat severe diseases. In a press release today, the firm announced the Approval of an Orphan Disease Application for its lead product, the Cellspan Esophageal Implant, by the European Medicines Agency, the centralized regulatory agency for the review and approval of new medicines in the European Union as well as Iceland, Norway and Liechtenstein.

The Orphan Disease Designation was approved to treat Esophageal Atresia, a congenital disorder where children are born with an incomplete, underdeveloped esophagus.  

Shares were trading at $4.115 in morning trade.


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