Puma Biotechnology Inc. shares rallied in the extended session Tuesday after the drug developer said the Food and Drug Administration granted its cancer treatment a special designation. Puma shares rose 7.4% after hours, following a 3% decline to close the regular session at $10.43. The company said the FDA granted an "orphan drug" designation for its drug Nerlynx for the treatment of breast cancer patients with brain metastases. An orphan drug designation gives a drug maker incentives such as grant funding toward clinical trial costs and a possible seven years of market exclusivity to treat conditions that affect 200,000 people or less in the U.S.
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