- The stock price of PolarityTE Inc (NASDAQ: PTE) surged over 60% today. This is why.
The stock price of PolarityTE Inc (NASDAQ: PTE) surged over 60% today. Investors are responding positively to PolarityTE announcing that the U.S. Food and Drug Administration (FDA) granted a Regenerative Medicine Advanced Therapy (RMAT) designation to SkinTE under the company’s open IND.
Launched under the 21st Century Cures Act, RMAT designation is a dedicated program designed to expedite the drug development and review processes for promising regenerative medicine products, including human cellular and tissue-based therapies. And a regenerative medicine therapy is eligible for RMAT designation if it is intended to treat, modify, reverse, or cure a serious or life-threatening disease or condition, and preliminary clinical evidence indicates that the drug or therapy has the potential to address unmet medical needs for such disease or condition.
Similar to Breakthrough Therapy designation, the RMAT designation provides the benefits of intensive FDA guidance on efficient drug development, including the ability for early interactions with the FDA to discuss potential ways to support accelerated approval and satisfy post-approval requirements, potential priority review of the biologics license application (BLA), and other opportunities to expedite development and review.
“FDA granting our request for an RMAT designation for SkinTE validates not only the strength of the preliminary clinical evidence we have developed to date but also demonstrates the seriousness of the conditions that we seek to treat and the substantial nature of the unmet needs among the patient populations that we aim to serve. We were pleased to receive this news from the FDA nearly two weeks in advance of the 60-day time period that the Agency has to make such decisions. The Agency has offered—and we look forward to capitalizing upon—a multidisciplinary, comprehensive discussion between PolarityTE and the FDA regarding the SkinTE development program, including planned clinical trials and plans for expediting the manufacturing development strategy. We are eager to work closely with the Agency to identify potential means to accelerate our development program and help bring a much-needed potential new treatment to patients suffering from substantial unmet medical needs.”
— Richard Hague, Chief Executive Officer
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