Thinly traded nano cap Aldeyra Therapeutics (NASDAQ:ALDX) is up 6% premarket on robust volume in response to its announcement that the FDA has designated ADX-102 an Orphan Drug for the treatment of Sjögren-Larsson Syndrome, a rare inherited disorder characterized by dry scaly skin that results from the buildup of aldehydes in the body.
ADX-102 is an aldehyde-binding molecule or aldehyde trap. By decreasing aldehyde load, it may mitigate excessive inflammation caused by excess aldehydes. A Phase 3 study is on tap for later this year.
Among the benefits of Orphan Drug status is a seven-year period of market exclusivity for the indication, if approved.