Eurand drug candidate gets special FDA status

NEW YORK (AP) — Drug developer Eurand NV said Tuesday the Food and Drug Administration gave orphan drug status to the company's developing ulcerative colitis drug candidate for children.

The designation is often given to developing treatments for conditions with a lack of treatments on the market. It gives the approved drug seven years of market exclusivity, as well as some development assistance and tax credits.

EUR-1073 is aimed at treating ulcerative colitis, a type of inflammatory bowel disease that produces inflammation and ulcers along the inside of the large intestine.

Shares of Amsterdam-based Eurand rose 86 cents, or 8.6 percent, to $10.88 in morning trading.