Shares of DelMar Pharmaceuticals Inc. rocketed 40% in premarket trade Tuesday, after the biopharmaceutical company said its lead-product cancer treatment, VAL-083, was granted "Fast Track" designation by the Food and Drug Administration. "Fast Track" designation helps expedite the review of drugs showing promise in treating life-threatening diseases. DelMar's VAL-083 is a potential new treatment for recurrent glioblastoma (rGBM), a cancer of the brain and spinal cord. "We are enthusiastic about the potential of VAL-083 to offer a meaningful clinical benefit to patients with rGBM and for the opportunity to expedite the regulatory process through the FDA's Fast Track program," said Interim Chief Executive Saiid Zarrabian. The stock had plunged 74% year to date, while the iShares Nasdaq Biotechnology ETF /zigman2/quotes/206189322/composite IBB +3.20% had rallied 21% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.47% had gained 20%.