The FDA Orphan Drug Designation is granted to drugs intended for the safe and effective treatment of rare diseases. This designation provides the drug developer with certain benefits and incentives, including seven years of market exclusivity, tax credits for clinical research costs, and waiver of Prescription Drug User Fee Act (PDUFA) filing fees. This news is highly relevant and important for IKT as it could potentially boost the company's stock due to the benefits and incentives associated with the designation.