Geron Corp. said the U.S. Food and Drug Administration granted fast-track designation to its experimental drug imetelstat for treating a type of bone marrow cancer.
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The Menlo Park, Calif.-based biotech company is developing imetelstat as a therapy for patients with intermediate or high-risk myelofibrosis whose disease has returned or is resistant to a certain type of enzyme activity inhibitor. Myelofibrosis starts in the bone marrow and disrupts blood production.
The FDA's fast-track program expedites the review of new drugs for serious conditions that show the potential to address an unmet medical need. Incentives include frequent meetings with the FDA and priority review of the marketing application.
Imetelstat was also granted the designation for treating anemia in October 2017.
Geron's share price was up 13.53% to $1.51 after market close Sept. 30.

