Argenica Therapeutics Ltd (ASX:AGN) has seen its share price rise nearly 5% on news it has received an Orphan Drug Designation (ODD) and Rare Pediatric Disease Designation (RPDD) for drug candidate ARG-006 from the US Food and Drug Administration (FDA). The drug candidate treats hypoxic ischaemic encephalopathy (HIE), a condition in which a baby’s brain is injured through a lack of proper blood or oxygen flow, with ARG-006 focusing on the impact among newborns. Argenica has been progressing assessment of two drug candidates which may treat HIE: ARG-006 and a mirror-image (or L-isomer) drug, AR…