Shares of Alfacell Corp. soared Tuesday after the company said federal regulators gave it exclusive rights to market its Onconase cancer drug for seven years, assuming the drug is approved.

The exclusive marketing rights for the drug are conditioned on a final OK from the Food and Drug Administration, which granted the so-called orphan drug status, Alfacell said in a press release.

The orphan drug status for Onconase also makes Alfacell eligible for tax credits and grant funding for research and development.

Onconase, which is in a late-stage clinical trial, aims to treat malignant mesothelioma, a rare form of cancer found in the chest, abdominal cavity lining or the lining around the heart. Around 4,000 to 5,000 new cases of the disease are found in the U.S. every year, according to the company.

Shares of Alfacell rose 29 cents, or nearly 18 percent, to $1.92 on the Nasdaq Stock Market in Tuesday morning trading.