(RTTNews) - Gelteq Limited (GELS), a clinical biotechnology company, on Tuesday announced that the U.S. Food and Drug Administration (FDA) has approved its suitability petition for a new animal drug under development.
This approval paves the way for Gelteq's entry into the animal pharmaceuticals market, allowing the company to leverage its innovative ingestible gel platform designed for nutrient and drug delivery in animals.
The FDA's approval of the petition allows Gelteq to submit an abbreviated new animal drug application (ANADA), proposing to change a reference drug from pill form to an oral gel. This approval bypasses the need for additional safety and effectiveness studies, expediting the development process. Although the suitability petition has been approved, it does not guarantee final approval of the new animal drug.
CEO Nathan Givoni emphasized the importance of this approval, noting the company's goal to enhance the efficiency of drug delivery in animals.
The approval marks a significant step forward for Gelteq, signaling its potential to innovate within the animal pharmaceutical sector.
Gelteq is continuing to advance its gel-based delivery solutions, with a focus on pharmaceuticals, nutraceuticals, pet care, and other products, aiming to revolutionize drug delivery across various industries.
Currently, GELS is trading at $3.37, up by 8.38%
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