Ahead Of The Bell: FDA OKs Ista's Itchy Eye Drug

IRVINE, Calif. (AP) — Ista Pharmaceuticals Inc. shares surged late Tuesday after the Food and Drug Administration approved the drugmaker's treatment for itchy eyes in patients with allergic conjunctivitis.

The Bepreve eye drops are approved for use by patients ages two years and up. The Irvine, Calif.-based company said late Tuesday it expects to have the drops available in the U.S. in the 2009 fourth quarter, which will boost Ista's full-year revenue above prior expectations.

Shares jumped 80 cents, or 14 percent, to $6.50 in electronic trading after the market closed Tuesday. The stock has traded between 29 cents and $6.16 over the past 52 weeks.

Allergic conjunctivitis, which differs from viral or bacterial conjunctivitis or 'pink eye,' is an eye allergy linked to exposure to tree pollen, grass and plants, animal dander, feathers, dust mites and molds.

"Because of the timing of this approval and the strength of our underlying business, we will accelerate all of the launch activities immediately, including the scale-up of the sales force," said Vicente Anido, Jr., Ista president and CEO, in a statement. "This will allow us not only to finish this year very strongly but also enter next year with an expanded sales force in place."