FDA rejected Vanda's schizophrenia drug iloperidone, saying it must next go through a comparative study with other schizophrenia medications. The news caused the company's stock to drop nearly 73 percent. It closed at a mere 90 cents, down from a closing price of $18.57 last year on July 30. FDA recommended comparing the medication to current medications aimed at the treatment of schizophrenia; these include Risperdal and Zyprexa.
Vanda bought the drug from Novartis and paid a half-million dollars for it. CEO Mihael Polymeropoulos says he's "puzzled" at the lack of approval. Further development efforts for the medication are on hold for now.
- get more [1] from the Washington Post
--see what Forbes has to say [2]
Related Articles:
Vanda shares swoon after FDA rejects therapy [3]
Vanda shares surge on Phase III insomnia data [4]
Vanda Pharmaceuticals--Worst Pharma Stocks of 2007 [5]
Vanda gains on late-stage sleep trial data [6]
Links:
[1] http://www.washingtonpost.com/wp-dyn/content/article/2008/07/28/AR2008072802713.html
[2] http://www.forbes.com/markets/2008/07/28/vanda-pharmaceuticals-closer-markets-equity-cx_lal_0728markets45.html
[3] http://www.fiercebiotech.com/story/vanda-shares-swoon-after-fda-rejects-lead-therapy/2008-07-28?utm_medium=rss&utm_source=rss&cmp-id=OTC-RSS-FB0
[4] http://www.fiercebiotech.com/story/vanda-shares-surge-phase-iii-insomnia-data/2008-06-26
[5] http://www.fiercepharma.com/special-reports/vanda-pharmaceuticals-worst-pharma-stocks-2007
[6] http://www.fiercebiotech.com/story/vanda-gains-on-late-stage-sleep-trial-data/2006-11-15