MENLO PARK, Calif. ( TheStreet) -- Corcept Therapeutics (CORT) deserves a heaping platter of congratulations for winning FDA approval for Korlym, the first--in-class treatment for a rare hormonal disorder known as Cushing's syndrome. Corcept shares are up 48% to $4.47 in Tuesday trading following Friday night's approval announcement.
A foul serving of crow is what I deserve for not believing Corcept would get Korlym approved on its first attempt. More on what I got wrong later; first, let's look at Corcept's future with Korlym approved.Corcept plans to launch Korlym on May 1. The company has yet to disclose pricing but Alan Leong of Biotech Stock Research estimates conservatively one year of therapy will cost $75,000.
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