Zai Lab (ZLAB) received the US Food and Drug Administration's orphan drug designation for its zocilurtatug pelitecan product candidate for the treatment of neuroendocrine carcinomas, the company said Monday.

The designation comes with benefits such as eligibility for development incentives, tax credits and a potential seven-year US market-exclusivity period upon product approval, Zai Lab said.

The FDA has previously granted fast track designation for zocilurtatug pelitecan in extrapulmonary neuroendocrine carcinomas and small cell lung cancer, the company added.