CNS Pharmaceuticals (CNSP) said Tuesday it has acquired from Cortice Biosciences orphan drug designation for late stage abeotaxane TPI 287 as a potential treatment for glioblastoma multiforme.

The company said it aims to begin enrolling patients for a phase 2 study around the end of this year. Clinical data from a phase 1 trial showed that TPI 287 has the potential to cross the blood brain barrier and treat central nervous system tumors, according to the company.

TPI 287 was previously granted orphan drug designation by the US Food and Drug Administration in gliomas, pediatric neuroblastoma, and progressive supranuclear palsy, the company said.

The company's shares surged past 120% in recent Tuesday premarket activity.