MDRNA Rockets Following Generic Miacalcin Approval

NEW YORK (AP) — Shares of MDRNA Inc. skyrocketed to a new year high Tuesday after the company said its generic version of the osteoporosis treatment Miacalcin has been approved and is now shipping.

MDRNA said the Food and Drug Administration cleared its version of Novartis AG's calcitonin-salmon nasal spray. Following the approval, MDRNA's partner Par Pharmaceutical Cos. launched the generic.

MDRNA said U.S. sales of Miacalcin totaled $112 million in 2008.

Shares of Bothell, Wash.-based MDRNA rocketed $1.23, or 79.9 percent, to $2.77 in afternoon trading. Earlier, they peaked at $3.55, their highest price since January 2008.

MDRNA is developing drugs that fight cancer and other diseases with "gene-silencing" RNA interference technology.

Par shares rose 8 cents to $14.62 in afternoon trading, while Novartis stock added 18 cents to $40.01.