FDA OKs Impax Anxiety Drug

Impax Laboratories (IPXL Quote) said Tuesday that the U.S. Food and Drug Administration gave final approval of the company's abbreviated new-drug application for generic versions of Alprazolam.

The FDA approved the 0.5 mg, 1 mg, 2 mg and 3 mg extended-release tablets for the management of anxiety disorder or the short-term relief of symptoms of anxiety. The drug is marketed as Xanax XR by Pharmacia and Upjohn.

Impax said it plans to launch the product soon.

Shares of Impax, which trade on the Pink Sheets, spiked to $11.50 midday, but closed Tuesday's session down a dime, or 0.9%, at $11.20.