Benzinga | Mar 30, 2021 09:23AM EDT

Moleculin Biotech's Stock Is Trading Higher On Accelerated Review Tag For Annamycin In Connective Tissue Cancer

* The FDA has approved Moleculin Biotech Inc's (NASDAQ: MBRX) request for Fast Track Designation for its drug, Annamycin, to treat soft tissue sarcoma (STS) lung metastases.

* The designation marks the second Fast Track status from the FDA for Annamycin.

* The company is focused on initiating an internally funded clinical trial in the U.S., possibly before mid-year.

* It recently announced a $1.5 million grant awarded in Poland for an investigator-initiated clinical trial there for this indication which should start later this year.

* Price Action: MBRX shares are up 20.5% at $4.46 in premarket trading on the last check Tuesday.