Orphan Drug Designation is a significant positive development for biotech companies as it can lead to market exclusivity for seven years post-approval, which protects against competition. It also offers tax credits for clinical research costs, exemption from FDA application fees, and assistance in clinical trial design, all of which can reduce costs and accelerate the development process. This news is likely to be viewed positively by investors and could lead to an increase in Lantern Pharma's stock price in the short term.