>>SOUTH SAN FRANCISCO, Calif. (AP) -- CoTherix Inc. on Wednesday said it received Food and Drug Administration approval for Ventavis, an inhaled treatment for high blood pressure in the pulmonary arteries of the lungs in patients with heart failure symptoms.
Shares of the biopharmaceutical company rose $2.47, or 24.8 percent to $12.45 in extended trading after closing down 20 cents, or about 2 percent at $9.98 on the regular Nasdaq session.
CoTherix licensed exclusive rights to develop and commercialize Ventavis in the United States from Schering AG in 2003 and filed a new drug application earlier this year. The drug was approved after receiving priority review from the FDA, the company said. The treatment also received orphan drug status in August, which gives CoTherix a seven-year exclusivity period.
Ventavis is marketed by Schering in several European countries and Australia, and will be marketed by CoTherix in the United States through its direct sales force, the company said.
CoTherix said the noninvasive treatment will help pulmonary arterial hypertension patients to avoid complications associated with other treatments.
The company said about 50,000 people are estimated have the condition in the United States, with about 15,000 patients diagnosed and receiving treatment.<<
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Cheers, Tuck |
