07:53 AM EST, 11/27/2024 (MT Newswires) -- CervoMed ( CRVO ) said Wednesday it has received orphan drug designation for its investigational drug neflamapimod from the US Food and Drug Administration to treat frontotemporal dementia.

Neflamapimod was "generally well tolerated" in phase 1 and phase 2 clinical studies, the company said, adding that it intends to start a phase 3 trial in dementia with Lewy bodies in mid-2025.

Shares of CervoMed ( CRVO ) rose 15% in recent Wednesday premarket activity.