UPDATE 1-Dyax's genetic disease drug granted fast review
(Recasts; adds details, share movement)
Nov 21 (Reuters) - Biopharmaceutical company Dyax Corp (DYAX.O) said U.S. regulators have granted a priority review for the company's experimental treatment for hereditary angioedema (HAE), a life-threatening genetic disease.
The company's shares recouped early losses following the news on the drug and were trading down more than 10 percent at $2.25 in afternoon trade. They had earlier fallen 23 percent to hit a five-year low of $1.94 on Nasdaq.
Under the priority review, which is granted to products that are considered to be more advanced over existing therapies, the Food and Drug Administration takes shorter time, usually six months from the date of submission of the application, to make its decision.
In case of DX-88 drug, also known as ecallantide, the company expects the target date to be March 23, as it had submitted the application in September.
HAE is characterized by acute attacks of painful swelling of the skin, intestine, mouth and throat.
The drug has also been granted an orphan drug status by the FDA. (Reporting by Anand Basu in Bangalore; Editing by Anil D'Silva)
