The price of stock in Delcath Systems Inc. is rising sharply today, because the Queensbury, N.Y.-based pharmaceutical and medical device manufacturer finally got some good news from the U.S. Food & Drug Administration. The FDA granted Delcath (Nasdaq: DCTH) an “orphan drug” designation for melphalan hydrochloride—which it calls Melblez—in the treament of primary liver cancer. Orphan drug status is given to novel drugs that treat rare diseases or conditions affecting fewer than 200,000 patients in the United States.
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