10:39 AM EDT, 09/05/2024 (MT Newswires) -- Perspective Therapeutics ( CATX ) said Thursday the US Food and Drug Administration has granted its fast track designation for the development of VMT01 to diagnose and treat patients with unresectable or metastatic melanoma and who have shown MC1R tumor expression.

Melanocortin 1 receptor, or MC1R, is a protein that can be overexpressed in metastatic melanoma, a type of skin cancer.

Programs that receive the designation are entitled to more frequent interactions with the FDA on drug development, as well as eligibility for accelerated approval, priority review, and rolling review, the company said.

The company's shares were up more than 3% in recent trading.

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