July 30 (Bloomberg) -- Vanda Pharmaceuticals Inc. gained the most in four years after U.S. regulators said they would give a priority review to the company’s treatment for sleep disorders.
The Food and Drug Administration will expedite the application process for tasimelteon, which treats blind people with Non-24-Hour Disorder, a condition of the body’s circadian rhythm, the Rockville, Maryland-based company said yesterday in a statement. If approved, the drug would become Vanda’s second product, joining Fanapt, a schizophrenia drug marketed in the U.S. by Novartis AG.
Vanda’s shares jumped 44 percent to $11.61 at 4 p.m. in New York trading, the largest climb since May 2009. The stock has more than doubled this year.
There is no approved treatment for Non-24-Hour Disorder, which occurs when the blind are unable to synchronize their internal body clock with the 24-hour daily cycle, Vanda said in the statement.
The FDA scheduled an advisory panel meeting for Nov. 14 on tasimelteon, which seeks to reset the body’s internal clock and align it with the day-night cycle. The agency plans to decide on the drug’s approval by Jan. 31, the company said.
Vanda, which has reported annual net losses the past two years, will announce quarterly earnings tomorrow.
To contact the reporter on this story: Samuel Adams in New York at email@example.com
To contact the editor responsible for this story: Reg Gale at firstname.lastname@example.org