Shares soar as ‘breakthrough’ news in biotech continues to run hot this week
The FDA has been working overtime this week handing out new breakthrough therapy designations for a whole slate of biotech drugs in the clinic. But five years after the program was launched, investors are still ready to cheer on each announcement with a big spike in stock prices.
Waltham, MA-based Proteon Therapeutics nabbed a BTD for vonapanitase for increasing arteriovenous fistula secondary patency (survival of the fistula without abandonment) and use for hemodialysis in patients on or expected to initiate hemodialysis. Its stock $PRTO surged 23% on the news Wednesday.
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