By Sabela Ojea

Shares of Puma Biotechnology on Thursday climbed 6.9% to $3.10 in after-hours trading after its drug alisertib received the Food and Drug Administration's orphan drug designation to treat small cell lung cancer.

The biopharmaceutical company said it is now working to begin the Phase II trial of alisertib.

Orphan drug designations are granted to drugs or biologics used for the treatment, prevention or diagnosis of a rare disease that affects less than 200,000 people in the U.S.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

September 21, 2023 16:47 ET (20:47 GMT)

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