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Australia's Neuren Pharma rises as US FDA grants orphan tag for NNZ-2591

By Reuters News14 hours ago Updated

** Shares of Australia's Neuren Pharmaceuticals NEU.AX gain as much as 5.5% to A$21.480, their highest since August 26

** Stock is among the top gainers on the benchmark S&P/ASX 200 index .AXJO, which is down 0.3%

** Biopharma firm says the US FDA grants Orphan Drug designation for NNZ-2591 to treat neonatal hypoxic-ischemic encephalopathy, a brain injury caused when a baby's brain does not receive enough oxygen or blood flow

** Orphan drug designation qualifies the drugmaker for incentives, including tax credits for qualified clinical trials and exemption from FDA user fees

** NEU up 11.4% YTD

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