Lexicon Pharmaceuticals Inc.'s drug to treat carcinoid syndrome has received fast track status from the U.S. Food and Drug Administration.

The news gave shares of The Woodlands-based Lexicon (NASDAQ: LXRX) a boost in early morning trading Tuesday - the stock was up 10 percent to $2.31.

Fast track status can accelerate the development and expedite the review of a drug. Fast track designation is an FDA status reserved for products that demonstrate the potential to treat a serious or life-threatening condition and demonstrate the potential to address unmet medical needs for that condition. It is meant to bring valuable treatments with a great need to market more quickly to save more lives.

Carciniod syndrome refers to the variety of symptoms that occur secondary to carcinoid tumors, which can occur anywhere along the gastrointestinal tract.

Lexicon has already completed a Phase 1a clinical trial of the drug and will initiate a Phase 1b trial this month that will include about 40 volunteers. The biopharmaceutical company expects data from that study to be available by year's end.

Last week, Lexicon announced plans to cut 100 jobs, or about 20 percent of its work force, in The Woodlands and Princeton, N.J., as part of an ongoing reorganization of the company.