STOCKS NEWS EUROPE-Medigene up, drug gets orphan status

Shares in Medigene (MDGGn.DE) rise 5.4 percent, making it the top gainer among German tech stocks .TECDAX after the biotech's drug Endotag has been granted Orphan drug status by the U.S. FDA for treatment of pancreatic cancer. "The move was perhaps in the cards, as the drug has orphan status in the EU, but receiving approval hadn't featured in the company's discussions recently," says a London-based analyst.

"The approval should help with partnership discussions for the drug, which has blockbuster possibilities," the analyst adds.

A Frankfurt-based trader says that as Endotag is one of the company's few drugs that is nearly or already on the market, the news is quiet positive.

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