Theriva Biologics, Inc. (NYSE American: TOVX) made a significant announcement as the U.S. FDA granted orphan drug designation to VCN-01, the company's innovative oncolytic adenovirus, for treating pancreatic cancer.

VCN-01 is designed to selectively replicate within tumor cells and break down the tumor stroma, addressing a major barrier to effective cancer treatment.

The ongoing Phase 2b clinical study, known as VIRAGE, is evaluating intravenous VCN-01 in combination with standard-of-care chemotherapy for patients with pancreatic ductal adenocarcinoma.

The FDA had previously granted orphan drug designation to VCN-01 for retinoblastoma treatment.

The news resulted in a significant surge in Theriva Biologics' stock, with $TOVX currently trading at $1.39 (+67.95%) in pre-market.

In other news, shares of AST SpaceMobile, Inc. (Nasdaq: ASTS) experienced a significant drop of over 20% as it announced the sale of 12,500,000 shares of Class A Common Stock, resulting in approximately $59.4 million in gross proceeds. The underwriter has been granted a 30-day option to purchase an additional 1,875,000 shares of the company's Class A common stock.

AST SpaceMobile plans to utilize the net proceeds from the offering for general corporate purposes, including anticipated cash payments for launch services, additional equipment, and related services in the third quarter of 2023.

In pre-market, $ASTS is currently trading at $4.90, reflecting a decrease of $1.47 (-23.07%).

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