Acorda Shares Rise On FDA Panel Vote Supporting MS Drug >ACOR
Thursday, October 15th, 2009NEW YORK (Dow Jones)–Acorda Therapeutics Inc. (ACOR) received the support of a Food and Drug Administration panel for its multiple sclerosis drug, increasing confidence in the drug’s approval and sending shares up 53% to $25.62 in premarket trading Thursday.
The stock, which was halted all day Wednesday, dropped 21% last Friday after the panel’s briefing documents raised questions about the effectiveness of the drug, but the panel voted strongly in favor of that question, among others. Fampridine-SR, which improves walking in patients with multiple sclerosis, is expected to be approved by early next year. (more…)