Galmed Pharma Shares Up After FDA Fast Track Designation

September 28, 2014 | The Israeli biotechnology company Galmed Pharmaceuticals announced that the US Food & Drug Administration (FDA) awarded the company with Fast Track Designation for its drug candidate Aramchol. Aramchol is a treatment for Non-Alcoholic Steato-Hepatitis (NASH), also known as ‘silent’ liver disease. Upon the announcement, the company’s share price rose 38.58 percent to $8.98 per share on Tuesday, reaching a market cap of $99.12 million. In March, Galmed held a NASDAQ IPO, raising $38 million at a company value of $137 million after money. Galmed Pharma was founded in 2000 by Mr. Allen Baharaff, the CEO and co-founder of the company, and has a number of international patents.