Immix Biopharma, Inc., a biotechnology company pioneering Tissue-Specific Therapeutics (TSTx)TM for oncology and inflammation, today announced that the U.S. Food and Drug Administration (FDA) has granted orphan drug designation (ODD) to IMX-110 for the treatment of soft tissue sarcoma.
The FDA’s Office of Orphan Products Development grants orphan designation status to drugs and biologics that are intended for the safe and effective treatment, diagnosis or prevention of rare diseases, or conditions that affect fewer than 200,000 people in the U.S. Orphan Drug Designation provides certain benefits, including financial incentives, to support clinical development and the potential for up to 7 years of market exclusivity in the U.S. upon regulatory approval.
“We are pleased to receive FDA’s orphan drug designation in soft tissue sarcoma for IMX-110, the first clinical-stage product of our SMARxT Tissue-Specific Platform,” said Ilya Rachman MD PhD, ImmixBio Founder & CEO. “We are thrilled to potentially contribute to expanding therapeutic options for oncology patients, beginning with soft tissue sarcoma.”
Gabriel Morris, ImmixBio Chief Financial Officer, added: “Orphan drug designation for IMX-110 represents a substantial value creating step along our path of building a strong, independent biopharmaceutical organization.”