Senesco Technologies has received orphan drug designation from the US Food and Drug Administration (FDA) for lead drug candidate SNS01-T for treatment of multiple myeloma.
The decision makes the company eligible to receive various benefits, such as tax credits, accelerated FDA approval, access to grant funding for clinical trials, allowance for marketing exclusivity following drug approval for a period of seven years and potential exemption from the FDA’s prescription drug application fee.
The FDA grants orphan drug designation to those drugs which treat diseases that affect fewer than 200,000 individuals in the US.
Multiple myeloma is a cancer of plasma cells, in which abnormal cells accumulate in the bone marrow resulting in bone lesions and interference in the production of normal blood cells.
