Shares of PYC Therapeutics rise as much as 15.5% to A$0.067, reaching their highest level since July 18.

Australia-based clinical biotech company announces that its VP-001 program received U.S.

FDA fast-track designation.

VP-001 is a potential treatment for Retinitis Pigmentosa type 11 (RP11), a blinding eye disease that begins in childhood.

The company adds that the drug candidate is now eligible for accelerated approval and priority review.

PYC Therapeutics' stock has fallen 15.9% YTD, versus a 6.1% increase in the ASX All Ordinaries index.