RTTNews | Jul 30, 2021 10:13AM EDT

10:13 Friday, July 30, 2021 (RTTNews.com) - Shares of Erytech Pharma S.A. (ERYP) more than doubled on the news that the U.S. FDA granted the French clinical-stage stage biopharmaceutical company's acute lymphocytic leukemia (ALL) treatment Fast Track Designation.

ERYP is currently trading at $8.73, up $4.62 or 112.41%, on the Nasdaq, on a volume of 33.3 million shares, which is far above the average volume of 34 thousand shares. The stock has traded between $4.10 and $13.95 in the 52 week period.

Erytech is a clinical-stage biopharmaceutical company that develops red blood cell-based therapeutics for cancer and orphan diseases in France and the United States. FDA has granted the company's eryaspase Fast Track designation for the treatment of acute lymphocytic leukemia patients who have developed hypersensitivity reactions to E. coli-derived pegylated asparaginase.

"This is yet another significant milestone and meaningful inflection point in advancing our lead product candidate eryaspase, further supporting our recently announced intention to submit a BLA for eryaspase in hypersensitive ALL patients," said Gil Beyen, CEO of ERYTECH. "We believe that the FDA's Fast Track designation for eryaspase underscores its potential to address this high unmet medical need."

Fast track is a process designed to facilitate the development, and expedite the review of drugs to treat serious conditions and fill an unmet medical need. The purpose is to get important new drugs to the patient earlier.

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