Shares of Vanda Pharmaceutical (VNDA) have skyrocketed in pre-market trading on Thursday, after the FDA approved its schizophrenia drug Fanapt.
The stock is trading at $9.38 at about 8:30 am Eastern Time, up from Wednesday's close of $1.08. The advance has taken the stock to a new 52-week high.
Vanda Pharmaceuticals Inc. (VNDA) announced that the US Food and Drug Administration has granted marketing approval of Fanapt (iloperidone) for the acute treatment of adult patients with schizophrenia.
The approval was supported by two placebo-controlled Phase III clinical studies comparing Fanapt to placebo and active control in patients with schizophrenia, as well as safety data from more than 3,000 patients.
Vanda plans to make Fanapt available in pharmacies later this year.
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