PhillipCapital analyst Paul Chew has reiterated his ‘buy’ rating for iX Biopharma with an unchanged target price of 44.5 cents in a June 14 research note.

His reiteration follows recent developments announced by the company, including the grant of an orphan drug designation by the US Food and Drug Administration (FDA), the expansion of its wafer production capacity as its Australian facility, and a rights issue to raise $9.56 million by issuing 48.8 million shares at 20 cents each.

The FDA grants orphan drug designations to support the development of medicines for rare diseases. Recipients are entitled to benefits such as a shorter timeframe for drug approval, tax credits and research grants.

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