A drug candidate from Poseida Therapeutics aimed at relapsed multiple myeloma has picked up an orphan drug designation.

The recent designation makes Poseida eligible for clinical research tax credits, a fee waiver and longer market exclusivity, if the drug is approved.

The drug, P-BCMA-101, will soon undergo a phase 2 clinical trial.

Poseida specializes in CAR-T therapy, in which a patient’s T cells are engineered to fight cancer cells. The company developed what are called stem cell memory T cells, meant to be an improvement on older CAR-T products.

The company recently raised a $142 million series C round, delaying a planned initial public offering.