UPDATE 1-Metabasis' liver drug gets orphan status in EU

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Oct 2 (Reuters) - Metabasis Therapeutics (MBRX.O) said European regulators have granted orphan drug status to its experimental drug to treat hepatocellular carcinoma, or primary liver cancer, in the European Union.

Orphan drug status is given to drugs that have the potential to treat rare diseases. Once approved, the product may qualify for 10 years of marketing exclusivity in the EU.

The drug, MB07133, which is in the early stage of trial, was granted orphan drug status by the U.S. Food and Drug Administration in September.

Shares rose more than 16 percent in after-market electronic trade to $3.30, after closing at $2.84 Tuesday on the Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore)