Benzinga | Jun 2, 2021 09:41AM EDT

Soleno Stock Shoots Higher as Diazoxide Choline Gets US Orphan Drug Tag for Glycogen Storage Disease

* The FDA has granted Orphan Drug Designation to Soleno Therapeutics Inc (NASDAQ:SLNO) DCCR (diazoxide choline) Extended-Release tablets for the treatment of Glycogen Storage Disease Type 1a (GSD 1a), or von Gierke disease.

* Von Gierke disease is a condition in which the body cannot break down glycogen. Glycogen is a form of sugar (glucose) that is stored in the liver and muscles.

* DCCR previously received Orphan Drug Designation for the treatment of Prader-Willi syndrome.

* Orphan Drug Designation qualifies a candidate for various development incentives, including tax credits for eligible clinical trials, waiver of application fees, and market exclusivity for seven years upon FDA approval.

* Price Action: SLNO shares are up 29.9% at $1.33 during the market session on the last check Wednesday.