** Shares of U.S. biopharmaceutical company Abeona ABEO.O rise 3.5% to $5.55 premarket trade

** Co says U.S. FDA selects ABO-503, its gene therapy for the regulator's Rare Disease Endpoint Advancement pilot program (RDEA)

** RDEA program aims to accelerate development of treatments for rare diseases by supporting improved ways to measure effectiveness

** ABO-503 targets X-linked retinoschisis (XLRS), a rare inherited eye disorder that causes retinal layer splitting and vision loss

** XLRS is a genetic condition that causes progressive vision loss, mostly in males, and can lead to blindness

** ABEO says in animals, the therapy improved the structure and function of the retina and led to better vision

** Up to last close, stock down ~3.8% YTD

(Reporting by Sahil Pandey)

((Sahil.Pandey@thomsonreuters.com))