Benzinga | Aug 12, 2021 06:39AM EDT

C4 Therapeutics Multiple Myeloma Candidate Scores FDA Orphan Drug Tag

* The FDA has granted Orphan Drug Designation to C4 Therapeutics Inc (NASDAQ:CCCC) CFT7455 for multiple myeloma.

* CFT7455 is an orally bioavailable MonoDAC degrader targeting IKZF1/3.

* In June, C4 Therapeutics initiated a Phase 1/2 trial for CFT7455 to primarily investigate the safety, tolerability, and anti-tumor activity.

* The Company will enroll approximately 160 patients.

* For Q2, C4 Therapeutics reported revenue of $9.8 million, compared to $9.7 million a year ago, reflecting revenue recognized under collaboration agreements with Roche, Biogen, and Calico.

* Cash, cash equivalents, and marketable securities as of June 30 were $498.7 million sufficient to fund expenses for at least two years.

* Price Action: CCCC shares closed at $35.91 on Wednesday.

* Related content: Benzinga's Full FDA Calendar.