Adagene and Palvella Receive FDA Fast Track Designations, Boosting Shares

Adagene and Palvella Therapeutics experienced premarket gains after receiving FDA Fast Track designations for their investigational drugs. Adagene's shares surged 11% after the FDA fast-tracked its therapy combining muzastotug with Merck's Keytruda for metastatic colorectal cancer treatment. Palvella Therapeutics also received Fast Track status for Qtorin rapamycin targeting angiokeratomas. This designation can expedite development and review processes for drugs addressing serious conditions.