Australia's Prescient Therapeutics gains on FDA fast-track status for cancer drug

Shares of Prescient Therapeutics PTX.AX rise as much as 28.6% to A$0.054, hit their highest levels since February 11

The clinical-stage oncology co says it received the US FDA Fast-Track designation for PTX-100, a treatment for adults with relapsed or refractory mycosis fungoides

PTX-100 is a compound with the ability to block an important cancer growth enzyme, says co

The fast-track status is an important step towards commercialisation of the drug, says co

About 2.7 million shares change hands, 4.3 times the 30-day average volume of shares

Stock down 16% this year, as of last close