BUZZ-Arrowhead Pharma rises on breakthrough therapy tag for genetic disease therapy

** Shares of drug developer Arrowhead Pharmaceuticals

rise 2.7% to $22.35 premarket

** Co says the U.S. FDA has granted breakthrough therapy designation to its experimental genetic disease therapy plozasiran

** "Breakthrough therapy" tag is meant to speed up the development and review of drugs to treat a serious condition or unmet medical need

** Co intends to submit a marketing application to the FDA by year-end and plans to seek regulatory approval with additional global regulatory authorities thereafter- ARWR

** Co is testing the therapy, plozasiran, as an addition to diet in adults with familial chylomicronemia syndrome (FCS) a rare genetic disorder that prevents the body from breaking down fats

** There are currently no approved treatments in the U.S. for FCS, co says

** Up to last close, stock down 28.9% YTD

(Reporting by Sneha S K)

((Sneha.SK@thomsonreuters.com;))