jumped Friday after the company said federal regulators had approved its treatment for overactive bladders.
The Lexington, Mass.-based biotech company said the Food and Drug Administration's approval of its drug Sanctura was based on test results of 3,000 people in the U.S and Europe, which showed the treatment was "well-tolerated."
Indevus shares rose 48 cents, or 5.7%, to $8.90 in trading volume -- three times the daily average. More than 2.7 million shares had changed hands.
The company said Sanctura is already a leading treatment for over-active bladders in Europe. Indevus licensed exclusive U.S. rights from
, a German pharmaceutical company, in late 1999.
Under a co-promotion and licensing agreement between Indevus and European drugmaker Pliva, announced on April 7, Sanctura will be copromoted by a joint sales force through its subsidiary, Odyssey Pharmaceuticals. The drug's launch is scheduled for the third quarter of this year.
On May 11, Indevus reported a net loss of $11.4 million or 24 cents a share, for its second quarter ended March 31, compared to a net loss of $2.9 million, or 6 cents a share, in the year-ago period. The company cited increased pre-marketing and development costs for Sanctura.