ID Biomedical Up on FDA OK

The company receives regulatory approval to begin U.S. testing of its flu vaccine, Fluviral.
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ID Biomedical

(IDBE)

shares rose Friday after the company said it received regulatory approval to begin U.S. testing of its flu vaccine.

The Vancouver-based company said it had received clearance from the U.S. Food and Drug Administration to begin immediate clinical testing of its Fluviral treatment.

The company said the U.S. clinical trial will involve about 300 healthy adults from ages 18 to 64. A Canadian clinical trial already under way involves 658 people.

"We are very excited to initiate clinical testing of Fluviral in the U.S. We believe this trial data, along with that being obtained from our ongoing Canadian study, will be necessary to support licensure of Fluviral for the U.S. market," the company said.

In October,

Chiron

(CHIR) - Get Report

caused a potential public health crisis when the company said it wouldn't distribute any of its flu vaccine during the current flu season after authorities suspended its manufacturing license. The decision essentially halved the amount of vaccine available to U.S. residents this winter.

ID Biomedical shares rose 51 cents, or 3.6%, to $14.71. More than 542,000 shares had already changed hands, approaching the average daily trading volume of 722,272.