Heat Biologics stock rose 13 percent Monday after the Durham drug-development company announced that its bladder cancer treatment has received fast-track status from the Food and Drug Administration.
The designation accelerates the review process for the drug. The FDA applies it to drugs that have the potential to offer significant improvement in treatment compared with products already on the market.
Heat Biologics has no drugs on the market but is developing treatments for lung cancer and bladder cancer.
The company’s bladder cancer treatment, HS-410, is now being evaluated in a Phase 2 clinical trial. Heat Biologics expects to complete enrollment in the study in the third quarter, with data expected to be available from the trial in the second half of next year.
Heat Biologic shares closed Monday at $$8.30, up 95 cents. The stock is up 36 percent over the past year.