Sometimes the best investments are penny stocks you've never heard of. And I'd be willing to bet there are quite a few under your radar- given the literally thousands upon thousands of penny stocks to buy!
We're focusing on a penny stock to watch called DARA Bioscience (DARA)…
DARA is an oncology-related pharmaceutical company working to provide healthcare professionals a synergistic portfolio of medicines to help cancer patients adhere to their therapy and manage side effects arising from their cancer treatments.
The stock saw a nice pop yesterday of more than 23%!
So why the big move?
Dara Bioscience just announced the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation to KRN5500 for the parenteral treatment of painful, chronic, chemotherapy-induced peripheral neuropathy. KRN5500 is a novel, non-opioid, non-narcotic intravenous product currently in Phase 2 clinical development.
Basically, this drug will give pain relief to some folks with a virtually untreatable level of pain that has resulted from aggressive chemotherapy. And the fact the FDA has allowed this drug Orphan Drug Designation will allow a much faster track for DARA to bring it to market!
If you're not aware, an orphan drug is one that has been developed specifically to treat a rare medical condition. In the US it is easier to win marketing approval for an orphan drug than all others coming before FDA approval.
Additionally, there may be other financial incentives, such as extended exclusivity periods which are intended to encourage the development of drugs which might otherwise lack profitability.
That's going to mean faster relief for patients, and also a quicker return for investors… making it a win-win situation.
DARA also holds exclusive U.S. marketing rights to Soltamox® (tamoxifen citrate) oral solution, which is the only liquid form of tamoxifen, used for the treatment of breast cancer.
The latest news from DARA doesn't represent a new blockbuster "must have" drug with hopes of massive profit potential, but it does bode well that this little drug company may just turn a profit on their latest R&D sooner rather than later.
And that's certainly makes for a penny stock to watch…
Keeping you one step ahead,
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.