By Robb M. Stewart

 

Eupraxia Pharmaceuticals' shares advanced Tuesday after the U.S. Food and Drug Administration granted fast-track designation for the investigation of the biotechnology company's lead product candidate, EP-104IAR, in the treatment of adults with osteoarthritis of the knee.

In morning trading, the shares were 9.9% higher at C$7.88. The stock has more than doubled so far this year.

Eupraxia said it continues to advance an ongoing Phase 2 trial evaluating EP-104IAR's safety and efficacy as a treatment candidate for knee osteoarthritis and expects to report top-line data results in the second quarter of this year.

The FDA's fast-track process is designed to help the development and speed the review of drugs that treat serious conditions and fill an unmet medical need.

In late May, Eupraxia said it reached the last patient to visit in its Phase 2 clinical trial of EP-104IAR for osteoarthritis, a milestone toward the completion of the study.

 

Write to Robb M. Stewart at robb.stewart@wsj.com

 

(END) Dow Jones Newswires

June 13, 2023 10:49 ET (14:49 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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