12:04 PM EDT, 03/21/2024 (MT Newswires) -- Lisata Therapeutics ( LSTA ) said Thursday the US Food and Drug Administration granted rare pediatric disease designation to LSTA1 for the treatment of osteosarcoma.

Osteosarcoma is a rare form of cancer that usually develops in the osteoblast cells that form bone and mostly affects children, adolescents and young adults. The FDA defines rare pediatric diseases as serious or life-threatening conditions that affect children under 18 and have fewer than 200,000 cases in the US.

A key advantage of receiving the designation is getting a priority review voucher when the FDA approves the new drug application for a specific therapy, the company said.

Shares of Lisata Therapeutics ( LSTA ) rose 2.6% in recent trading Thursday.

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