Prescient Therapeutics (ASX:PTX) received a fast-track designation from the US Food and Drug Administration for its PTX-100 compound for the potential treatment of adults with relapsed or refractory mycosis fungoides, according to a Wednesday filing with the Australian bourse.

The designation will expedite the review of therapies for serious conditions with high unmet need, enabling earlier delivery to patients, the filing said.

Mycosis fungoides is a subtype of cutaneous T-cell lymphoma, a group of rare blood cancers affecting the skin.

Shares rose nearly 5% in afternoon trade Thursday.