NeoRx announced that it has received orphan drug designation from the FDA for the its phase II investigational product picoplatin for the treatment of small cell lung cancer, a disease that makes up about 15 percent of lung cancer cases, with 25,000 patients diagnosed each year. Picoplatin is an intravenous chemotherapeutic agent.
- read this press release
ALSO: The FDA's decision is good news for NeoRx, which has only enough cash and reserves to make it through the end of 2005, the Seattle Post-Intelligencer reports. In May the company faced delisting as its shares dropped below the $1 NASDAQ minimum, but it regained compliance in September. The company has been cutting costs by ending programs, closing facilities and laying off employees. Report