FDA grants priority review to Reata’s rare disease drug

Shares of Reata Pharmaceuticals Inc. RETA, +3.42% were up 2.4% in trading on Thursday after the company said the Food and Drug Administration granted priority review to the company’s experimental treatment for Friedreich’s ataxia, a rare nervous system disease. The regulator is now set to make a decision on omaveloxolone by Nov. 30. “If approved, we are looking forward to a commercial launch in early 2023,” Reata CEO Warren Huff said in a news release. Reata’s stock is up 4.3% so far this year, while the S&P 500 SPX, +1.99% is down 16.5%