Cerulean Pharmaceuticals closed up 30% on Tuesday after news that the firm’s drug treatment for platinum-resistant ovarian cancer received a Fast Track designation from the FDA.

Based in Cambridge, MA, CERU is a clinical-stage oncology-focused company. They manufacture therapeutics in the areas of oncology, cardiovascular, autoimmune, and inflammatory diseases as well as tumor cells.

Platinum-resistant ovarian cancer refers to cancer that has documented recurrence within six months of the completion of initial chemotherapy. Patients that are diagnosed with the condition generally have poor prognosis, meaning that their chance of survival is comparatively lower than other cancer-related ailments.

A Fast Track status grant is to “facilitate the development, and expedite the review of drugs to treat serious conditions and fill an unmet medical need,” as per the FDA website. The end goal of this process is to get drugs to patients sooner, which makes sense given the high mortality rate associated with the condition.

Analysts have not revised earnings estimates for CERU in the past 60 days, with current estimates standing at a loss of $0.48 per share this quarter. However, as is the case with most small-cap pharmaceutical companies, this could change with the FDA approval of their drug.

Cerulean currently sits at a Zacks Rank #3 (Hold).

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