Neurotech International Applies for Orphan Drug Designation for NTI164; Shares Up 3%

MT Newswires Live09-02

Neurotech International (ASX:NTI) has submitted a request with the US Food and Drug Administration for orphan drug designation for its proprietary NTI164 in treating patients with Rett Syndrome, according to an Aug. 30 filing with the Australian bourse.

If granted, Neurotech International will receive a range of incentives including tax credits, exemption from user fees, and potential seven years of market exclusivity, the filing stated. A decision is expected within 90 days of filing.

NTI164 is a proprietary drug formulation derived from a unique cannabis strain that is being developed to treat neurological disorders in children where neuroinflammation is involved, the filing said.

The clinical-stage biopharmaceutical developer's shares were up nearly 3% in recent trade.

Price (AUD): $0.07, Change: $+0.0010, Percent Change: +1.45%

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