Allarity Therapeutics jumps on US FDA's 'fast track' tag for ovarian cancer therapy

Shares of drug developer Allarity Therapeutics ALLR.O rise 42% to $1.34 premarket

Co says U.S. FDA granted fast track designation to its experimental ovarian cancer therapy, stenoparib

Stenoparib, an oral drug, works by blocking two enzymes that cancer cells use to repair themselves and keep growing

FDA's "fast track" tag aims to speed development and review of drugs for serious conditions with unmet medical need

The therapy was originally developed by Japan's Eisai 4523.T and later licensed to Allarity, which secured global rights to develop and commercialize the drug

As of last close, stock down 20% YTD