Shares of Noxopharm (ASX:NOX) surged by 166.1% to A$0.165, marking a potential record-setting day should these gains be maintained.

The biotechnology company announced that the U.S.

Food and Drug Administration (FDA) has granted Orphan Drug Designation status to its CRO-67 preclinical drug candidate, purposed for the treatment of pancreatic cancer.

The FDA provides this special status for drugs developed to prevent, diagnose or treat rare diseases or conditions.

The stock of Noxopharm (ASX:NOX) has hit its pinnacle since December 2022.

Around 7.5 million shares exchanged hands, a significant uptick compared with the 30-day average of 257,105 shares.

Incorporating this session’s gain, the stock is up 13.8% year to date.

Noxopharm (ASX:NOX) is a biotechnology company that is focused on developing drugs for the treatment of cancer.