ProMetic Life Sciences Inc. (TSX:PLI) announced that the United States FDA has given an orphan drug designation to its plasminogen drug. The drug is used to treat type I plasminogen deficiency.

As quoted in the press release:

Orphan Drug Designation is granted to novel drugs or biologics that treat a rare disease or condition affecting fewer than 200,000 patients in the U.S. The designation provides the drug developer with a seven year period of U.S. marketing exclusivity upon marketing approval for the designated indication, as well as with tax credits for clinical research costs, the ability to apply for annual grant funding, clinical research trial design assistance and the waiver of prescription drug user fees.

Click here to read the full ProMetic Life Sciences Inc. (TSX:PLI) press release.