Clarity Pharmaceuticals gains on revenue lift, FDA designation
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The news: Clarity Pharmaceuticals climbed in morning trading as revenue surged nearly 50% during the 2024 financial year, despite widening its full-year loss.
The numbers: Clarity shares rose 3% to $7.10 by 11:55am AEST, having jumped nearly 600% in the last year.
Revenue grew 49% year on year to $2.77 million, while the company widened its after tax loss by 72% to $42.3 million. Earnings per share came to a loss of 15.5 cents, compared to 9.5 cents a year ago.
The context: Clarity is a a clinical-stage radiopharmaceutical company that develops products to improve treatment outcomes for cancer patients.
On Thursday, the US Food and Drug Administration (FDA) had granted fast track designation for Clarity's imaging agent Cu-SAR-bisPSMA, a novel diagnostic option for patients with prostate cancer.
What they said: "Receiving fast track designation for Cu-SAR-bisPSMA is a significant milestone," said Clarity's executive chair Alan Taylor.
"The designation will allow us to work closely with the FDA to facilitate the development process, potentially accelerating the approval of this best-in-class diagnostic."
The sources: ASX announcement, ASX announcement
