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Drug firm Alembic Pharmaceuticals today said the US health regulator has granted fast track designation to its associate company Rhizen Pharmaceuticals SA's RP6530 (tenalisib), used in treatment of cancer. "The US Food and Drug Administration (USFDA) has granted Fast Track Designation for RP6530 (tenalisib)...for the treatment of patients with relapsed/refractory peripheral T- cell lymphoma (PTCL)," Alembic Pharmaceuticals said in a BSE filing. Fast track designation is awarded to drugs that treat a serious condition and fill an unmet medical need, it added. Shares of Alembic Pharmaceuticals were trading at Rs 522.40 on BSE, up 1.50 per cent from the previous close.