09:38 AM EDT, 07/23/2024 (MT Newswires) -- BioAtla ( BCAB ) said Tuesday that the US Food and Drug Administration has granted fast-track designation to ozuriftamab vedotin, the company's drug candidate to treat patients with squamous cell carcinoma of the head and neck.

The designation applies to drugs that are intended to treat a serious or life-threatening disease or condition, and have demonstrated the potential to address an unmet medical need.

"The FDA's decision is an important recognition of the potential of our CAB-ROR2-ADC, ozuriftamab vedotin," Chief Executive Jay Short said in a statement. "We look forward to discussing with the FDA plans for a potential registrational trial in the second half of this year."

Shares of the biotech firm were up 2.9% in early trading.

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